Board Also Endorses BAHFA's Business Plan and Regional Expenditure Plan
The ABAG Executive Board Thursday evening took the first step toward allowing Bay Area voters this fall to consider a first-of-its-kind regional housing finance measure by unanimously approving adoption of a resolution that approves the Bay Area Housing Finance Authority (BAHFA)'s placement of a measure on the November 2024 ballot in each of the nine Bay area counties that would raise up to $20 billion through the issuance of general obligation bonds to produce new affordable housing units and to protect existing affordable housing properties throughout the region.
Ahead of the Executive Board's historic vote, South San Francisco City Council member Mark Nagales noted, "There are moments in our political careers where we can say we made a real difference. This is that moment right now. When people ask, 'What did you do to help with affordable housing?', we can point to this moment."
The Executive Board's action authorizes the BAHFA Board in the coming weeks to approve the ballot question, the text of the ballot measure and the tax rate statement. Once the BAHFA Board adopts its resolution calling for the election, Bay Area counties' boards of supervisors are expected to consolidate special elections in each county with the Nov. 5 statewide general election. If approved by voters, 80 percent of the bond funds, or up to $16 billion, will go directly to the nine counties to fund the highest local affordable housing priorities. The remaining 20 percent will be used by BAHFA to establish a new regional program to fund affordable housing construction and preservation projects throughout the Bay Area.
The Executive Board also approved BAHFA's Business Plan and adopted a resolution that approves BAHFA's regional expenditure plan and directs ABAG's executive staff to bring forward a guideline to implement labor standards for affordable housing projects funded through the 20 percent of bond revenues used for BAHFA's flexible regional program. These standards include a prevailing wage requirement for workers on construction projects with 10 or more units and a provision to require comprehensive health insurance benefits for workers on projects to build 50 or or more units.