Kevin Zwick

Executive Director

Housing Trust of Santa Clara County

Why Start a Housing Trust?

• In only 30% of residents could buy a house • Activists organized for a Housing Trust, County Supervisors commissioned study Silicon Valley Leadership Group organized business community to get involved and bring in new resources for affordable housing

Why do we still need a Housing Trust?

• Homebuyers need larger down payments and steady work • Workers, seniors, families need $25/hr to two bedroom rental • Over 40,000 households pay more than half their income to rent • Over 7,000 homeless or in shelters each night, including 627 children • Over 15,000 new foreclosure filings last year just in San Jose

Achievements: First-Time Homebuyers

• Since 2001, HTSCC has helped over 2067 households buy their first home • Over 620 public sector employees, 450 teachers, and 220 engineers and high-tech workers • Less than 10 defaults (<0.5%) – statewide average June 2009 was 9.5%; long term average is over 2.0%

Achievements:

Affordable Housing Loans and Homeless Grants

• 54 Loans to Affordable Housing Developers, creating 2962 new units • Affordable rental homes for seniors, working families, people with special needs with rents based on 30% of a household’s income • 36 grants to Homeless Service Providers assisting over 2800 individuals and families move to permanent housing or remain in their homes with emergency rental assistance

Achievements:

Program Spending

• 47% - Homebuyers; 29% Homeless Special Needs; 24% Multifamily Rentals • 73% for Very Low Income; 10% for Low Income; 17% for Moderate Income

What’s Next?: First-Time Homebuyers

• 4 loan programs for First Time Homebuyers with assistance between $6500-$75,000 • Closing Cost Assistance Program; Mortgage Assistance Program; Down payment Assistance Program, and Equity Share Co Investments (ESCO) • Programs available Countywide • FTHB Workshops throughout County this Spring

What’s Next:

Affordable Housing and Homelessness

• Loans for acquisition and predevelopment available countywide • Permanent Loans for Extremely Low Income housing, permanent supportive Housing available • Emergency Homeless Prevention Grants available now • Safety Net Capital Improvement Grants : $200,000 per provider to repair and upgrade existing safety net housing in County- Available Now

What’s Next:

Foreclosure Mitigation in San Jose

• In 2010, San Jose Consortium, consisting of HTSCC as the Lead Agency, City of San Jose Housing Department, and NHSSV, was awarded $25,000,000 from ARRA for NSP2 • Purpose is to convert at least 200 foreclosed properties into affordable homes for low and moderate income individuals and families in 35 census tracts in San Jose • In May 2010 – PAL loans of $50,000 available for people buying foreclosed properties • In Summer 2010 – RFQ and NOFA for developers to acquire and rehabilitate foreclosed homes

Find out More about the Housing Trust

• New website at www.housingtrustscc.org

• 2009 Annual Report available now • Contact Kevin Zwick to schedule a First Time Homebuyer Workshop in your city or at your business