Senator Dave Cortese Supports Launch of California's Largest Private Fund for Extremely Low-Income Housing

A partnership of Facebook, the Local Initiative Support Corporation (LISC), and Destination: Home was launched this morning and is set to become California’s largest private fund for extremely low-income (ELI) housing.

The $150 million “Community Housing Fund” will support the production of affordable housing units in the Santa Clara County region for those households making less than 30% of the median income. 

It was announced that at least $50 million, or one third of the fund, will go towards the development of County-funded “Measure A” projects. The groundbreaking Measure A affordable housing bond, approved in 2016, is projected to create approximately 4,800 affordable housing units across the County. 

“Four years after voters overwhelmingly passed Measure A, Santa Clara County has seen 27 housing projects approved or opened with many more in the pipeline.” said newly sworn-in Senator Dave Cortese and co-chair of the Measure A Campaign. “The need for continued investment in housing and services for our unhoused has only intensified during this pandemic. This fund will go a long way to addressing homelessness during the age of COVID-19.”

The fund will be managed by the non-profit community development financial institution LISC, with private funding from Facebook being used to leverage public dollars made available by Measure A. 

For more information, contact Tara Sreekrishnan, Office of Senator Dave Cortese at 408 480 7833 or tara.sreekrishnan@sen.ca.gov.