HOME Fund
HOME Fund 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
Beginning Fund Balance 498$ 522$ 601$ 618$
Revenues
Loan Payments $ 11 $ 79 $
15 $ 15
Grants 40 13 13 13
Total Revenues 51$ 92$ 28$ 28$
Expenditures
Personnel 28$ 13$ -$ -$
Operating - - 10
10 Total Expenditures 28$ 13$ 10$ 10$
Ending Fund Balance 522$ 601$ 618$ 636$
Values are shown in thousands.
The HOME Investment Partnership (HOME) Program is a federal grant used to assist rental and homeownership housing opportunities for households up to 60-80% of the median income. The City received an annual HOME grant from 1994 to 2016. The fund now includes program income from loan repayments from loans funded with HOME monies in the past.
The program income from prior HOME loans will continue to be collected, and potential projects will be identified as the fundbalance reaches an appropriate level.
Accumulated resources fund HOME-eligible uses, such as new construction of housing, acquisition and rehabilitation of existing buildings, and down payment assistance.
74 Attachment 2 - Housing Fund Summaries from Adopted
FY2026-27 Budget
Community Development Block Grant Fund
Community Development Block Grant Fund 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
Beginning Fund Balance 391$ 354$ 694$ 638$ Revenues
Intergovernmental Contributions $
227 $ 766 $ 803 $ 732 Loan Payments 16 8 8 8 Total Revenues 243$ 774$ 811$ 740$ Expenditures
Personnel 39$ 35$
-$ -$
Operating 223 286 397 391 Indirect & Overhead Charges 19 - 20 20 Total Expenditures 280$ 321$ 416$ 411$ Transfer Out -$ 113$ 450$ 450$ Ending Fund Balance 354$ 694$ 638$ 516$ Values are shown in thousands.
The Community Development Block Grant (CDBG) Program is a federal grant from the Department of Housing and Urban Development (HUD) that provides flexible funding for community development projects and programs to assist lower income neighborhoods and households up to 80% of the median income. San Mateo has participated in this program since 1977. The fund consists of draws against the grant letter of credit, as well as program income from loan repayments from loans funded with CDBG in the past. The letter of credit consists of prior year unexpended funds in addition to the annual grant. These fundsare held by HUD and drawn down on a reimbursement basis to the City.
CDBG funds will be used for Community Funding grants to local social service agencies who serve lower income residents, facility repairs for local service agencies, minor home repairs to lower income homeowners, pedestrian and bike improvements in North Shoreview and North Central neighborhoods, and program administration.
75 City Housing
City Housing 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
Beginning Fund Balance 1,198$ 1,424$ 1,563$ 1,545$ Revenues
Housing Fees $ - $ - $ 50 $ 50
Miscellaneous 227 200 210 210
Total Revenues 227$ 200$ 260$ 260$
Expenditures
Contribution to Other Agencies -$ 33$ 47$ 47$
Contribution to First Time Home Buyers - - 180 180
Operating - 28 52 47
Total Expenditures -$ 61$ 279$ 274$
Ending Fund Balance 1,424$ 1,563$ 1,545$ 1,531$ Values are shown in thousands.
The City Housing Fund captures a variety of housing-related revenues, including loan repayments from the defunct federal Rental Rehabilitation Program, a
pro rata share of
the original homebuyer loans at the Meadow Court housing complex, fees collected for housing loan subordination requests, and the fractional Below Market Rate (BMR) program in lieu fees.
This
fund
can be used
to assist housing-related projects when the fund balance is sufficient and appropriate projects are identified. F unds are set aside to assist first-time homebuyers with purchasing below market-rate housing units. Additionally, funds will b e used to pay for the City membership fee for The Housing Endowment and Regional Trust of San Mateo County (HEART), the countywide housing trust fund, and for revisions to the City's BMR documents.
79 Low and Moderate Income Housing Asset Fund
Low and Moderate Income Housing Asset 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
Beginning Fund Balance 5,135$ 5,448$ 5,381$ 5,147$ Revenues
Interest Earnings $ 190 $ 80 $ 80 $ 80
Loan Payments 180 374 214 214
Total Revenues 370$ 454$ 294$ 294$
Expenditures
Personnel 51$ 297$ 249$ 257$
Operating 6 225 279 279
Total Expenditures 57$ 521$ 528$ 536$
Ending Fund Balance 5,448$ 5,381$ 5,147$ 4,905$ Values are shown in thousands.
The Low and Moderate Income Housing Asset Fund consists of loan payments, lease payments, sale of property, and any other revenue generated
from loans or assets held by the City
as Housing Successor to the former Redevelopment Agency. State law regulates the use of these funds
to support housing projects that
assist households whose income ranges up
to 80% of median income. The fund also consists of
administrative costs
to monitor existing
housing projects, manage the existing
loan portfolio, support homeless
programs, and plan for new
projects. This fund supports
the City's Emergency Rental Assistance Program, administered by Samaritan House, and a portion of the Homeless
Outreach Team (HOT).
80 Commercial Linkage Fee
Commercial Linkage Fee 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
2028-29
Forecast
2029-30
Forecast
2030-31
Forecast
Beginning Fund Balance 3,405$ 3,552$ 3,795$ 4,379$ 8,462$ 8,045$ 8,628$ Revenues
Interest Earnings 152$ 260$ 100$ 100$ 100$ 100$ 100$ Commercial Linkage Fee - - 500 4,000 500 500 500
Total Revenues 152$ 260$ 600$ 4,100$ 600$ 600$ 600$ Transfer Out
Operating -$ 11$ 11$ 11$ 1,011$ 11$ 11$
Indirect and Overhead Charges 5 5 6 6 6 6 6
Total Expenditures 5$ 16$ 17$ 17$ 1,017$ 17$ 17$ Ending Fund Balance 3,552$ 3,795$ 4,379$ 8,462$ 8,045$ 8,628$ 9,210$ Values are shown in thousands.
The Commercial Linkage Fee is an assessment on new commercial developments to address the impacts of new job creation on housing availability
and affordability for workers. Developers pay a fee based o n square footage of new
commercial space depending on type of use: office,
retail, or hotel.
The funds are to be used for housing programs to assist workers who make up to 120% of the area median income. Examples of housing
programs can include acquisition, rehabilitation, or new construction of housing.
The fund balance is being a
ccumulated over the period
of this forecast.
Potential projects will be identified as the fund balance reaches an appropriate level. Accumulated resources will be
utilized to fund projects through a tr
ansfer to the Capital Improvement Proj ects Fund, and this pl an will be updated accordingly as needed.
83 Permanent Local Housing Allocation Fund
Permanent Local Housing Allocation Fund 2024-25
Actuals
2025-26
Estimated
Actuals
2026-27
Proposed
Budget
2027-28
Projected
Budget
Beginning Fund Balance 10$ 24$ 25$ 48$
Revenues
Interest Earnings $ 14 $ - $ - $ -
State Grants 353 225 240 240
Total Revenues 367$ 225$ 240$ 240$
Expenditures
Personnel 1$ 9$ -$ -$
Operating 352 215 217 217
Total Expenditures 353$ 223$ 217$ 217$
Ending Fund Balance 24$ 25$ 48$ 71$
Values are shown in thousands.
The Permanent Local Housing Allocation (PLHA) is a State Grant that is provided to the City, starting in Fall 2020, that will continue on an annual basis based o
n actual State receipts of document recording
fees. These funds are flexible as long as they are used for housing-related projects and programs that assist in addressing the unmet housing needs of San Mateo.
The
fund supports four programs to support housing security and availability in the City: an emergency shelter, a homesharing program, supportive services at
the Montara
affordable housing development, and a rapid rehousing program. 85