There is no question that housing costs (and availability) rank as one of the biggest challenges local residents face. With median home prices and rents increasing well beyond wage growth, and the relatively few number of new housing units opening soon, it’s difficult to see any immediate relief to these challenges. The Board of Supervisors has been working to improve the amount of affordable housing stock by changing rules related to Accessory Dwelling Units (ADUs) — also referred to as granny units — as well as working to streamline processes for the construction of affordable housing units in general. This will allow for a cheaper, faster and easier process for constructing ADUs, which provide an important affordable housing option for people in our community.
However, there is one option coming available in the ownership market very soon. The new Aptos Village Measure J units will be available for purchase. These are deed-restricted affordable homeownership units in the Aptos Village project and they will be available for first-time homebuyers with household earnings at or below 120 percent of the area median income. Ten total units will be available (1-, 2- and 3-bedroom homes). The county is hosting two bilingual workshops for perspective homebuyers.
The estimated price of the Aptos Village Measure J homes are in the $256,000-$280,000 range for a 1-bedroom, $296,000-322,000 for a 2-bedroom and $338,000-$363,000 for a 3-bedroom home.
Applications are due May 18 and a drawing will be held on June 1 for qualified applicants. We expect a significant amount of interest in these units and encourage those interested to attend one of the upcoming workshops to learn more about how to apply (and to confirm your eligibility).
The next workshop will take place at the Rio Sands Hotel Conference Room at 116 Aptos Beach Drive in Aptos (Rio Del Mar). It will be held March 24 from 1-2 p.m. (English) and 2:30-3:30 p.m. (Spanish).
While we know that we need to provide much more affordable housing, it’s important that some new deed-restricted affordable homeownership units are coming available soon. With the addition of ADUs for the rental market, and new policies that encourage smaller and more affordable housing, there is a hope that additional affordable options (rental and ownership) will be following.
If you have any questions specific to the Measure J program, please visit the County Planning website at sccoplanning.com (information is about halfway down the page) or call 454-2336.
As always, feel free to call me with any questions about this (or any other issue) at 454-2200.
