Receive report from Measure A (2016 Housing Bond) Independent Citizens' Oversight Committee relating to the Fiscal Year 2025-2026 Second Quarter Report from the Independent Auditor.

This document is a report from the Measure A (2016 Housing Bond) Independent Citizens' Oversight Committee regarding the Fiscal Year 2025-2026 Second Quarter Report from the Independent Auditor. The report is to be received by the Board of Supervisors, with no fiscal implications associated with its receipt. The Committee is tasked with ensuring the proper use of bond proceeds and conducting annual reviews of financial audits. The Clerk of the Board will send the report to each city in Santa Clara County following approval.

Key points

• The report is from the Measure A (2016 Housing Bond) Independent Citizens' Oversight Committee.
• The report pertains to the Fiscal Year 2025-2026 Second Quarter.
• There are no fiscal implications associated with the receipt of this report.
• The Committee is required to provide an annual financial audit and quarterly report.
• The Committee commenced meetings on June 13, 2017.
• The recommended action will have no/neutral impact on children, seniors, or sustainability.
• Following approval, the report will be sent to each city in Santa Clara County.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

This document is the Independent Citizens’ Oversight Committee's Second Quarter Report for the Measure A (2016 Housing Bond) for Fiscal Year 2025-2026. It provides an update on the program's activities and financial status as of December 31, 2025. The report highlights key takeaways regarding fund balances, unit approvals, dependency on federal vouchers, insurance crises affecting project costs, and the complexity of financing models. The Committee recommends that the Board of Supervisors approve a policy to use program generated income to further the objectives of the Measure A program in perpetuity.

Key points

• The Measure A program has issued all authorized bonds amounting to $950 million for affordable housing.
• As of December 31, 2025, 5,257 units have been approved with Measure A financing, exceeding the initial goal of 4,800 units.
• The program generated income includes loan repayments, interest income, and cost savings.
• The success of the projects is heavily reliant on federal vouchers, with 2,715 Section 8 Project Based Vouchers leveraged.
• An insurance crisis is increasing costs for multifamily developments, impacting financial health and repayment timelines.
• The Committee recommends a policy for the County to use program generated income to support the Measure A objectives.

Limitations

• The document contains unresolved placeholders and incomplete sections, particularly in the recommendations and status updates.
• The text appears to be truncated, which may affect the completeness of the summary.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.