More than $23 million in affordable housing funds are available for units in San Mateo County thanks in part to Measure K sales tax revenue which the Board of Supervisors earlier this year dedicated specifically to that critical need.

The Department of Housing issued a Notice of Funding Available (NOFA) this week for $23,809,505 — an amount substantially larger than any previous NOFA — and is currently accepting applications for funding.

The large amount of funding available follows voter approval of Measure K, which extended the existing half-cent sales tax. In May, the Board of Supervisors approved $43.75 million in affordable housing initiatives over the next two fiscal years using Measure K funds and the repayment of $3.25 million in loans made to launch Peninsula Clean Energy (PCE).

“These funds provide quite an opportunity for our County to move the needle on affordable housing and we are extremely grateful to San Mateo County voters and the Board of Supervisors for deciding that the shelter of our residents is an utmost priority,” said Housing Director Ken Cole.

The latest NOFA is the fifth round of allocations from the County’s Affordable Housing Fund which will support construction of new multi-family affordable rental housing and rehabilitation of existing developments being renovated using low-income housing tax credits. Of those, 10 percent of units will target extremely low income households and 5 percent will address homeless households linked with County services.

The funds will also support development of affordable housing with supportive services to two specific populations: individuals with mental illness who are homeless or at risk of homelessness and young adults aging out of the foster care system. The NOFA funds include $1.3 million in Measure K revenue specified for former foster youth. The targeted funds for both populations result from close collaboration with the County’s agency partners, Behavioral Health and Recovery Services and the Human Services Agency.

Applications for funding are due by 4 p.m. Thursday, Aug. 31. The NOFA is posted on the San Mateo County Department of Housing website under “NOFAs, Bids & Proposals: http://housing.smcgov.org/AHF5-NOFA

A technical assistance session for applicants will be held from 10:30 a.m. to noon Tuesday, Aug. 8 at the Department of Housing, Building A, 264 Harbor Boulevard, Belmont.