Title
Presentation by Alameda County on the Bay Area Affordable Housing Bond (Housing and Human Services 20821840)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Alameda County is coordinating with local jurisdictions to prepare for the potential Bay Area Housing Bond (Affordable Housing Bond), a regional general obligation affordable housing bond that will be under consideration for the November 2024 election put forth by the Bay Area Housing Finance Authority (BAFHA). Eighty percent of the bond proceeds will be distributed to each of nine Bay Area counties and four cities (Oakland, San Jose, Santa Rosa, and Napa); BAFHA will retain the remaining 20% of bond funding to use throughout the region. All jurisdictions that receive funding must adopt local expenditure plans to outline how their funding will be spent. BAFHA will set an official date for submitting expenditure plans, which may be as soon as February 3, 2025. Alameda County is conducting preliminary outreach to inform local jurisdictions of the bond's requirements and the plan's spending priorities.
BACKGROUND
Residential rents and the cost of purchasing a home are at all-time highs throughout Alameda County. The City of Alameda (City) is facing an unprecedented housing crisis and the community is directly impacted by rapidly rising rents and low vacancy rates. In the City's Rent Program 2022 Annual Report, 47% of tenant households spend more than 30% of their income on rent. As housing becomes less affordable and the demand outpaces supply, it is becoming harder for residents to afford housing, especially for low-income families and individuals.
City Council adopted a Housing Element that includes a number of programs and policies intended to preserve and expand the City's supply of affordable housing for very low- and low-income individuals and families and to meet the City's Regional Housing Needs Allocation (RHNA) goals for housi...
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