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Staff Housing Development

In response to regional housing costs that are among the highest in the country, the San Mateo County Community College District has undertaken a number of different initiatives to assist faculty and staff with high housing costs, including building apartments that are rented at below-market rates to District employees and offering very affordable second home loans to first time-buyers.  The District is able build first class, market rate housing andoffer below-market rents because 1) it owns the land (land costs do not need to be included in the cost of ownership or operations); 2) it financed the project with a tax-exempt issue; 3) the property is property-tax exempt; and 4) the District does not have a profit motive.  Rents from the project are set at a level that is sufficient to pay back all costs of construction, financing, maintenance and operations and fund a long-term capital reserve.