Elected officials across the nine-county Bay Area are signing on to support the 2024 Bay Area Housing Finance Agency (BAHFA) regional bond as the campaign ramps up its outreach. Santa Clara County would receive the largest proportion of these critical affordable housing dollars, which is critical as we continue to see new homes realized through investment from both county Measure A funding and local resources. In Santa Clara County, the affordable housing production pipeline is extensive and our existing resources are finite with Measure A funds nearing depletion. We have a history in the South Bay of getting behind bond measures that support our commitments in response to the housing affordability and homelessness crisis. Now local elected and community leaders are getting on board! Look for more news in the next few weeks and more information about how to get involved.
Meanwhile, the official review process for regional and local guidelines establishing how a nine-county housing bond would be invested to meet regional affordable housing needs is moving ahead. In October, BAHFA held a series of meetings with the committees responsible for planning housing strategy at the regional level, including the BAHFA Advisory, Oversight, and Executive Committees. These meetings served as an opportunity for BAHFA to present program information and seek feedback on a series of remaining decisions. The final direction on those decision points will be made at the October 25th BAHFA meeting at 9:45am. These meetings follow dozens of touch points with local officials and city staff, public workshops, and information presentations designed to ensure full transparency and robust, region-wide engagement.
The regional housing bond would deliver between $2.2 and $4.5 billion locally, split between the City of San Jose and the rest of Santa Clara County, in addition to regionwide investments! These funds are critical 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 decisions BAHFA has been seeking input on this month concern the 20% of funds that it will administer. These regional funds are key to the success and sustainability of the regional program because they allow BAHFA to function as a public bank; instead of generating profits for shareholders, interest and fees from loans BAHFA provides to developers are reinvested in our local Bay Area communities. The majority of the funds from the regional bond, 80%, will be administered by the region’s nine counties and four large cities, including San Jose, and spent according to plans developed at the local level that prioritize local strategies. SV@Home is committed to facilitating local participation in developing these plans – including your input – to ensure this effort is a success for our communities.
Need to catch up quickly on the Regional Bond? Check out FAQs here.