First-of-its-Kind Measure to Help Build and
Preserve More Than 70,000 Homes
SAN
FRANCISCO, June 26, 2024 /PRNewswire/ -- The Bay Area
Housing Finance Authority (BAHFA) today adopted a resolution to
place a general obligation bond measure on the November 5 general election ballot in each of the
nine Bay Area counties to raise and distribute $20 billion for the production of new affordable
housing and the preservation of existing affordable housing
throughout the region. BAHFA is jointly governed by the Association
of Bay Area Governments (ABAG)'s Executive Board and by the BAHFA
Board, which is comprised of the same membership as the
Metropolitan Transportation Commission (MTC).
Today's action by the BAHFA Board marks the final discretionary
step in the process to place the measure on the November ballot.
Under state law, each Bay Area county will now take a
non-discretionary, ministerial vote to place the measure on the
ballot in that county, in accordance with election deadlines.
The BAHFA bond measure currently would require approval by at
least two-thirds of voters to pass. Voters throughout California this November will consider
Assembly Constitutional Amendment 1 (ACA 1) — which would set the
voter threshold at 55 percent for voter approval of bond measures
for affordable housing and infrastructure. If a majority of
California voters support ACA 1,
the 55 percent threshold will apply to the BAHFA bond measure.
"Today's vote is the culmination of so many years of effort by
so many people all around our region," observed BAHFA Chair and
Napa County Supervisor
Alfredo Pedroza. "The Bay Area's
longstanding housing affordability problems affect all of us, our
friends, our neighbors and our family members. As I was reminded
the other day while coaching soccer, this vote is about preserving
opportunity for everyone."
The proposed BAHFA bond measure calls for 80 percent of the
funds to go directly to the nine Bay Area counties (and to the
cities of San Jose, Oakland, Santa
Rosa and Napa, each of
which carries more than 30 percent of their county's low-income
housing need), in proportion to each county's tax contribution to
the bond. In consultation with its cities and towns, each county
would determine how to distribute bond funds to best meet its
jurisdictions' most pressing housing needs. These distributions
would include:
- Alameda
County
$2 billion
- Contra Costa County
$1.9 billion
- Marin County
$699 million
- Napa County
$118
million
- San Francisco County $2.4
billion
- San Mateo County
$2.1 billion
- Santa Clara County
$2.4 billion
- Solano
County
$489 million
- Sonoma
County
$553 million
- City of Napa
$246 million
- City of
Oakland
$765 million
- City of San Jose
$2.1 billion
- City of Santa Rosa
$242 million
The remaining 20 percent, or $4
billion, would be used by BAHFA to establish a new regional
program to fund affordable housing construction and preservation
projects throughout the Bay Area. Most of this money (at least 52
percent) must be spent on new construction of affordable homes, but
every city and county receiving a bond allocation must also spend
at least 15 percent of the funds to preserve existing affordable
housing. Almost one-third of funds may be used for the production
or preservation of affordable housing, or for housing-related uses
such as infrastructure needed to support new housing.
The California Constitution currently does not allow bond funds
to be used for tenant protections such as rental assistance, but
planned investments in new housing and affordable housing
preservation will protect tens of thousands of low-income renters
and vulnerable residents.
The BAHFA Board today also adopted resolutions approving the
Authority's Business Plan and its Regional Expenditure Plan, which
explain the prioritization for use of the funds that would be
directly administered by BAHFA.
Oversight and accountability provisions to be included in the
BAHFA bond measure include the creation of a special bond proceeds
account; establishment of a Citizens' Oversight Committee that
would review the expenditure of bond proceeds and report to the
BAHFA and ABAG Executive Boards on whether the funds were spent
appropriately; an independent annual performance audit; a
requirement that all bond-projects be consistent with state laws on
labor standards; a requirement that administrative costs not exceed
the amount prescribed in state law; and a prohibition against any
public official who voted to send the ballot measure to the voters
bidding on any work funded with proceeds from the bond.
The ABAG Executive Board voted unanimously at its April meeting
to adopt a resolution approving BAHFA's Business Plan and its
Expenditure Plan, as well as to endorse placement of the bond
measure on the Novemer ballot. In her remarks preceding the vote,
ABAG President and Napa County
Supervisor Belia Ramos noted, "This
is a remarkable milestone moment for our region. Housing stability
is essential for our community to thrive and this proposal is a
once-in-a-generation opportunity."
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SOURCE Metropolitan Transportation Commission