Proposed Regional Bond Measure Seen as Way
to Close the Gap
SAN
FRANCISCO, May 8, 2024 /PRNewswire/ -- Enterprise
Community Partners (Enterprise) and the Bay Area Housing
Finance Authority (BAHFA) today released the Bay Area Affordable
Housing Pipeline 2024 Report, which analyzes affordable housing
projects in various stages of predevelopment and identifies
solutions for moving them toward completion. The updated research
reveals there are now 433 projects in various stages of
predevelopment that would create more than 40,896 affordable homes
across the nine-county Bay Area. These would account for nearly a
quarter of the 180,000 affordable homes the state's Regional
Housing Needs Allocation (RHNA) Plan determined are needed in the
Bay Area by 2031.
Affordable housing developments typically are supported by a
capital "stack" investment that includes a commercial mortgage;
Low-Income Housing Tax Credits; tax-exempt bonds; and additional
local, regional and state dollars that fill the gap between the
cost of the development and the financing secured through debt and
equity. The new report calculates that the hundreds of Bay Area
projects now in the predevelopment pipeline need $9.7 billion in public funds to move forward, and
that a $20 billion regional bond
measure proposed for the ballot in Bay Area counties this fall
would help close this gap.
"We've been stuck in an affordable housing crisis that has
overwhelmed the region. The November ballot presents an opportunity
to unlock thousands of affordable homes for Bay Area residents,"
said Heather Hood, VP and Northern California Market Leader at
Enterprise. "We expect voters to have a chance to end our housing
crisis and deliver the dignified, healthy homes the Bay Area
community needs and deserves."
The predevelopment pipeline includes projects in all nine Bay
Area counties. These include more than 10,000 units in both
Alameda and Santa Clara counties, with another 8,400
affordable homes pending development in San Francisco and more than 3,000 units in
both San Mateo and Sonoma counties. Project pipelines in other
Bay Area counties range from over 300 affordable homes in
Solano County to 1,173 units in
Marin County; nearly 1,500 homes
in Napa County; and over 2,500
units in Contra Costa County. Each
Bay Area city, town or county currently is working on its own to
meet the challenges of housing affordability and homelessness.
"The need for affordable housing transcends jurisdictional
boundaries. BAHFA's proposed bond measure would finally allow our
Bay Area to take a regional approach to a regional problem," said
BAHFA Director Kate Hartley. "With
significant new resources for every county, we can build at scale,
deliver equitable solutions, and create a better way to deliver the
affordable homes Bay Area residents need.
The updated Bay Area Housing Pipeline research brief was
presented at today's regularly scheduled meeting of the
Metropolitan Transportation Commission's Bay Area Housing Finance
Authority Oversight Committee.
About Enterprise Community Partners
Enterprise is a national nonprofit that exists to make a good home
possible for the millions of families without one. We support
community development organizations on the ground, aggregate and
invest capital for impact, advance housing policy at every level of
government, and build and manage communities ourselves. Since 1982,
we have invested $54 billion and
created 873,000 homes across all 50 states – all to make home and
community places of pride, power and belonging.
About the Bay Area Housing Finance
Authority
Established by the state legislature in 2019,
BAHFA's mandate is to create regional solutions that meet the Bay
Area's affordable housing needs. It is the first regional
housing finance authority in California. BAHFA works together with the
Metropolitan Transportation Commission (MTC) and Association of Bay
Area Governments (ABAG).
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SOURCE Metropolitan Transportation Commission