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Asset management and compliance

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The housing and community development asset management team within the Office of Supportive Housing oversees and monitors the operation and financial performance of the affordable and multifamily rental projects that have been developed with financial and other forms of support from the County of Santa Clara. These projects serve a variety of low-income populations, including families, seniors, disabled individuals, veterans, chronically homeless people, transition-age youth, and people with HIV and AIDS, among others. 

Asset management team key responsibilities 

  • Service loans and grants provided for housing projects to various non-profit and for-profit organizations. 
  • Monitor the compliance of each project with a host of obligations that borrowers and grantees agreed to as a condition of County’s financing and support. 

Ensure that all projects financed by the County are:

  • Serving the intended low-income target populations with affordable rents
  • Well-managed and provide decent, safe and sanitary housing
  • Financially sound and sustainable in the long term.

In performing its duties, the Asset Management Team acts as a steward of public resources and works to mitigate risk to the County’s investments wherever possible. The Team strives to:

  • Be responsive and fair
  • Analyze thoroughly and comprehensively
  • Work collaboratively and transparently
  • Maximize efficiency
  • Build the capacity of the people and organizations that the County supports

Compliance monitoring

Annual reporting and periodic inspections are the two primary tools that we use to monitor projects, assess their performance, and ensure ongoing compliance.

Affordability restrictions – income limits and maximum rents

To ensure that the rental housing financed by the County is available to and affordable to low-income people, each project is subject to a set of affordability restrictions, which are enforced through a financing agreement and a deed restriction which is usually titled “Restrictive covenant” or a "Regulatory Agreement". The affordability restrictions define the income limit(s) that apply to a project and set the maximum rents that can be charged, and among other things, they may also set limits on annual rent increases. Income limits and maximum rents change annually, based on data from the federal U.S. Department of Housing and Urban Development.

For more information on income and rent limits, including historic data, visit U.S. Department of Housing and Urban Development.

Periodic inspections

We conduct periodic inspections of projects financed by the County to determine if they are being operated in compliance with the terms outlined in the financing agreements and applicable County and federal regulations. The inspections entail a physical inspection of the project, as well as an examination of tenant files and property management records.

Loan servicing

Confirmations of outstanding loan balances

Borrowers and their auditors may request Confirmations of Outstanding Loan Balances and other documentation by contacting the Asset Management Team electronically.  

Loan modifications, consents, and approvals

Borrowers who wish to modify their existing loans or who need our consent or approval for agreements or transactions with other parties must contact the Asset Management Team electronically. Such modifications include loan extensions, refinancing, subordinations, modifications to affordability restrictions and transfers of ownership.

For questions, information, or a loan servicing requests, email us and allow up to three business days for a reply. ​​​​​