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5.3 <br />The Housing Endowment for San Mateo County <br />Development Group Final Report <br />November 2002 <br />Introduction /History: <br />In February 2002, the San Mateo County Board of Supervisors indicated their desire to <br />see a Housing Trust Fund established for San Mateo County. A similar trust fund had <br />been established in Santa Clara County and many other jurisdictions across the country. <br />As a part of the County Board of Supervisor's action in February 2002, the Board <br />allocated $3 Million from County reserves as "seed" money for the trust. The Board also <br />appointed Supervisors Rose Jacobs Gibson and Richard Gordon as a sub - committee to <br />complete the steps necessary to establish the trust. <br />Supervisors Jacobs Gibson and Gordon agreed that the effort in San Mateo County <br />should be known as The Housing Endowment for San Mateo County. They also <br />formed a Development Group to identify strategies for governance, funding, and <br />program for the Housing Endowment. The Development Group met from June 2002 to <br />November 2002 and the following is their final report. <br />Goal: <br />The Housing Endowment for San Mateo County should exist to raise and distribute <br />funds to serve its goal of increasing the number of permanently affordable housing units <br />in the County. Emphasis should be on housing that is permanently affordable and that <br />meets local needs. <br />Summary of Recommendations: <br />A Joint Powers Authority established by the County and the Cities should serve as <br />the structure for governance of the Housing Endowment. The Board of the <br />Endowment should reflect both public and private sector membership. <br />The initial funding goal of the Endowment should be $100 million over the first ten <br />years. The specific tactics for accomplishing this goal should be decided by the <br />initial governing body of the Endowment. Funding for the Housing Endowment <br />should reflect the public/private partnership. As it relates to support from the cities <br />and the county, a mechanism for fair and equitable participation should be <br />established. Three fundamental considerations should be integral to the Housing <br />Endowment: initial capitalization, long term sustainability, and leveraging of public - <br />private partnerships. <br />1 <br />lil <br />