San Mateo's City Council will review housing funds and set a five-year spending strategy at a public study session Tuesday, Sept. 8, at 7 p.m.

City staff will present a breakdown of available housing funds, and the council will work to establish a five-year funding strategy, the city announced on X. The session is open to the public at City Hall Chambers, 330 W. 20th Ave., and remotely via Zoom.

The session comes as San Mateo works to meet targets in its state-required Housing Element. That plan calls for the city to prioritize local housing funds to help produce at least 543 below-market-rate units by 2031, according to the city's housing element implementation tracker.

The city has several dedicated funding streams that could shape the strategy. San Mateo is required to set aside 20% of general fund property tax revenues from former redevelopment agency areas. Those funds, known as "Boomerang Funds," go toward affordable housing development. The city also collects an Affordable Housing Commercial Linkage Fee, a charge on new commercial construction. Both funding sources are earmarked for affordable housing, with priority given to projects serving extremely low-income households.

The Housing Element also set a 2025 target for the city to explore creating a stand-alone Housing Trust Fund. Potential sources for that fund include the Bay Area Housing Finance Authority (BAHFA) and the Bay Area Preservation Pilot (BAPP), two regional programs aimed at housing production and preservation.

The five-year strategy the council discusses on Sept. 8 will determine how the city directs these local dollars toward its 543-unit goal. The Housing Element requires the city to prioritize funding for units affordable to extremely low-income residents, a category that in San Mateo County covers households earning roughly 30% or less of the area median income.

Residents who want to attend in person can go to City Hall Chambers at 330 W. 20th Ave. Those who prefer to join remotely should check the city's Public Meeting Portal for Zoom access details and the full agenda. Questions can be directed to [email protected] or (650) 522-7220.