HIP Housing sees Property Development as a great opportunity to preserve and expand the affordable rental housing stock available in San Mateo County. By partnering with local municipalities, private funders, banks and other institutions, we are able to purchase and rehabilitate properties that our tenants are proud to call home.
HIP Housing Property Development History
We purchased and developed our first property in 1989 as a way to provide a low-income housing option for clients participating in our Self Sufficiency Program. Our portfolio now includes 239 units in 14 properties throughout San Mateo County including Daly City, South San Francisco, San Mateo, San Carlos, Redwood City and Menlo Park.
In addition, we offer property management services to cities that own Below Market Rate (BMR) property. We currently partner with the cities of San Mateo, Foster City and San Carlos for this service.
All the properties we own and manage are deed restricted for low-income tenants and combined, provide housing for approximately 450 people each year.
HHDC – CHDO
In 1992, HIP Housing created a subsidiary called the HIP Housing Development Corporation (HHDC) to facilitate the administration, development and management of our properties.
HHDC is a CHDO with its own Board of Directors, Bylaws and an annual third party audit.
What is a CHDO?
CHDO stands for “Community Housing Development Corporation.” It is a Federal Department of Housing and Urban Development (HUD) program developed under the National Affordable Housing Act of 1990.
HHDC is one of only 3 CHDO’s in San Mateo County. Being a CHDO places strict oversight requirements on HHDC in exchange for access to special HUD set-aside funds for the development of low-income housing.
Earned Income Model
Developing affordable housing is not about making a profit but rather about providing an affordable place for hard working people in need to live that is clean and safe. However, well-managed properties that are developed with long-term viability in mind can also be financially sustainable.
As a well developed and managed portfolio, our properties produce a modest, but meaningful, income that we then feed directly back into our Home Sharing and Self Sufficiency programs.
As a result this model, HIP Housing is able to cover its program operating costs with income generated from our properties.
This is a very valuable, and smart model of sustainability and means nearly every dollar donated to HIP Housing goes directly into program services, not overhead.
If you are interested in renting an apartment, apply now to place your name on the Interest List.
Your approval on the wait list is subject to qualification.