Stanford University shares the Santa Clara County Board of Supervisors' view that the region is experiencing a housing crisis that is severe and urgent. It requires innovative solutions that have the potential to be more impactful than traditional means.
Stanford has spent considerable time over the past several months thinking creatively about new ways to approach not only addressing its own affordable housing demand resulting from the proposed 2018 General Use Permit application, but also to find ways to accelerate the provision of that housing in the near term. Stanford's framework in developing this proposal has been founded on our desire to develop solutions that provide expedient, cost-effective, and nimble resources to meet the challenges of this regional housing market.
The proposal is designed to be responsive to the affordable housing priorities expressed by the Santa Clara County Board of Supervisors and accomplish the following objectives:
- Stanford should fully address its affordable housing demand for units at 80% of Area Median Income (AMI) and below.
- The Board prefers units over money and, therefore, would like to incentivize provision of units over paying a fee.
- The Board is interested in solutions, and is not wedded to a particular mechanism.