Let’s build a Bay Area where everyone has a home in a safe and vibrant community!
A POWERFUL Step Toward Solving the Bay Area Housing Crisis
If successful, the regional bond will unlock billions of dollars for the construction of up to 45,000 affordable homes serving over 500,000 Bay Area residents over the coming decades. This measure will also raise billions for preservation of existing afforable housing and ensure protection for at-risk tenants.
Bay Area Housing for All (BAHA) is a fast-growing, large coalition in support of these measures. With over 40 members, the BAHA coalition includes non-profit, philanthropic, business, and public sector partners working at the intersection of housing, racial equity, climate, transportation, and quality of life. To learn more about our coalition and to express your support or get involved, scan the link below.
Through the Bay Area Housing Finance Authority (BAHFA), we can pass a nine-county general obligation bond measure on the November 2024 ballot and unlock $10-$20 Billion for affordable housing and homelessness solutions.
The Bay Area is severely behind on producing the affordable housing needed and as a result nearly half (45%) of Bay Area renters are rent burdened and 38,000 people are experiencing homelessness. Increasing our supply of housing and general obligation bonds at the local level is one of the most powerful affordable housing financing sources available. Unfortunately, current law restricts uses on bond funds and requires a nearly insurmountable 2/3 yes vote for approval of these bonds.
Under state law, 80% of the funds raised through the bond will return to their county of origin (based on the jurisdiction’s share of assessed property value), and in some cases specific cities, and 20% will be administered by the Bay Area Housing Finance Authority (BAHFA) to fund critical affordable housing and services across all nine Bay Area counties.
Under state law, jurisdictions must submit an expenditure plan that meets the minimum allocation requirements and prioritizes housing developments that help achieve regional housing need allocation (RHNA) targets for homes affordable to extremely low income, very low income and lower income households to receive funding. If a city or county submits an expenditure plan that does not achieve those allocations and priorities, the Association of Bay Area Governments (ABAG) Executive Board and the Bay Area Housing Finance Authority (BAHFA) Board can determine that it is incomplete and withhold funds until the jurisdiction submits a complete plan.
All bond funds will be subject to independent audits, and audits and required financial reporting must be made available to the public.
General obligation bonds are funded through ad valorem property taxes and vary depending on the size of the bond. A $10 billion bond would require a tax of $10.26 per $100,000 in assessed value—or about $100 per year for a million dollar home.