The Bay Area Housing Finance Authority, or BAHFA, passed a resolution on Wednesday to put a $20 billion affordable housing bond on the ballot this November. If voters approve, The Bay Area Housing Bond will fund 90,000 affordable units across the nine bay area counties. The money will come from a NEW tax on businesses and homes.
Currently, the BAHFA bond measure requires at least two-thirds of voters to pass. However, Assembly Constitutional Amendment 1, or A-C-A 1, is also on the ballot this November. If that passes, the threshold for voter approval of the affordable housing and infrastructure bond measures becomes 55 percent and will apply to the BAHFA bond measure vote.
The proposed BAHFA bond measure allocates 80 percent of its funds directly to the nine Bay Area counties, based on each county's tax contribution to the bond. Also included are the cities of San Jose, Oakland, Santa Rosa and Napa. Each carries about a third of the low-income housing needs in their county.
During the public comments, Reverend Penny Nixon, from the Congregational Church of San Mateo, spoke in support of the bond. She said: “We have the land, we need the money, we will organize to support this bond if it's on the ballot”.
Opponents of the bond voiced concerns about defining what is “affordable”, tax burdens on homeowners, and lengthy delays impacting current affordable housing projects.
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