SV@Home is part of a regional effort to secure game-changing levels of funding for affordable housing through a regional housing bond measure on the November 2024 ballot. Bond funds will be used to boost the production of new affordable housing, preserve existing affordable housing, and protect our residents most vulnerable to displacement, including those at risk of experiencing homelessness. The Bay Area Housing Finance Authority (BAHFA), established in 2019 by the Legislature to increase resources and regional collaboration to meet our affordable housing needs, is bringing critical new funds, tools, and technical assistance to support affordable housing, including placing a $10 – $20 billion general obligation bond on the November 2024 ballot.
How much money could a regional housing bond raise for Santa Clara County?
The planned regional housing bond would deliver $2.2 – $4.5 billion to the South Bay!
- A $10 billion regional bond would deliver $1.2 billion to Santa Clara County and $1 billion to San Jose.
- A $20 billion regional bond would deliver $2.4 billion to Santa Clara County and $2.1 billion to San Jose.
The County of Santa Clara and the City of San Jose will each need to create spending plans to be approved by BAHFA. These plans must include funding minimums: 52% for housing Production, 15% for affordable housing Preservation, and 5% for renter Protections, resulting in 28% of flexible funds to increase the above funding categories per local housing needs or fund other creative local solutions that adhere to statutory guidelines.
Learn more about the Regional Housing Bond and endorse the campaign here!