The San Mateo County Board of Education, the San Mateo County Office of Education, and the Housing Endowment and Regional Trust of San Mateo County have partnered to purchase a 74-unit apartment building intended to provide below-market housing for local educators and school staff, county officials announced earlier this month.
HEART purchased the San Mateo property with financing that includes a loan from the County Office of Education and bonds issued by HEART.
The development was built in 2021 and is currently occupied. Existing tenants will remain, while units that become available will gradually be offered to eligible County Office employees and school district staff at below-market rates, according to county officials.
The housing will be available to teachers, paraeducators, counselors, and other employees who serve students in programs operated by the County Office.
HEART expects the building to be fully occupied by San Mateo County educators within 10 years.
"We are committed to finding creative solutions to address the affordable housing needs of the community, and are proud to partner with the County Office on this project," said Armando Sanchez, HEART's Executive Director.
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