2008 Woodie Awards
District builds staff housing
SMCCCD ramps up first-time-homebuyer program
Jenn Livesey
Date created: 11/22/04 Section: NEWS
- Page 1 of 2 next >
 Media Credit: Courtesy of SMCCCD An architectural rendering of the College Vista apartment complex on College of San Mateo´s campus is due to open October 2005 to house faculty and staff at below-market rates. |
The district is on its way to becoming a landlord in an effort to staunch a migration of experienced employees to affordable communities in the next few years.
Because of the high cost of housing in San Mateo County, there's been a dearth of qualified applicants. Careerists from around the country are choosing to work elsewhere rather than live where they can't afford a home or have to suffer long commutes.
Coupled with 200 employees who are currently eligible to retire, administrators are hard pressed to find solutions before the quality of education in the county is undermined. Approximately 40,000 students are served annually on three campuses.
"We live in one of the highest cost areas in the country. Marin, San Francisco and San Mateo counties are among the top 10 most expensive areas for housing," said Barbara Christensen, director of community and government relations. "We want to attract the very best by offering them a job and housing assistance."
Since salaries can't keep pace with the grossly inflated housing market, the district is building a 44-unit apartment complex called College Vista. The complex is located on the College of San Mateo campus. The initial cost of the project is $8,024,037. Move in day is in October 2005.
Full-time staff and faculty who meet the criteria of first-time home buyers have a chance to rent a luxury-type apartment for below market rate for up to five years. Their salaries must be at 120 percent of the medium income for the county. A priority list has been established and the waiting list is growing.
During their residence at College Vista, renters will be encouraged to save for a down payment on a home through a voluntary savings plan. The district will also provide free financial planning and home purchasing advice.
Once an employee has the minimum down payment of 3 percent, he or she may apply for a first mortgage with Meriwest Credit Union and a second loan with the district up to $50,000. Employees can buy a home in San Mateo, Santa Clara, San Francisco and Alameda counties and there are no income restrictions.
