Bond Measure Would Raise $20B for Bay Area Affordable Housing

The Bay Area Housing Finance Authority (BAHFA) adopted a resolution to place a general obligation bond measure on the Nov. 5 general election ballot in each of the nine Bay Area counties. The bond would raise and distribute $20 billion for the production of new affordable housing and the preservation of existing affordable housing throughout the region.

The proposed BAHFA bond measure calls for 80% 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% of their county’s low-income housing need—in proportion to each county’s tax contribution to the bond.

The largest distributions would go to San Francisco and Santa Clara counties, with each receiving $2.4 billion of the funds. The city of San Jose would receive $2.1 billion, as would San Mateo County.

Currently, the BAHFA bond measure would require approval by at least two-thirds of voters to pass. However, the statewide ballot will ask voters to consider Assembly Constitutional Amendment 1 (ACA 1), which would set the voter threshold at 55% for voter approval of bond measures for affordable housing and infrastructure. If a majority of California voters support ACA 1, the 55% threshold will apply to the BAHFA bond measure.