...Title
Bay Area Affordable Housing Bond. (Mayor, Kamei, and Davis)
...Recommendations
1. Adopt a resolution taking a position in support of the Bay Area Regional Housing Bond on the November 5, 2024 ballot.
2. If voters approve the Regional Housing Bond, direct the City Manager to return with a spending plan within ninety days consistent with state law that reflects the following priorities:
a. Fifty-two percent of the funding shall be used for the construction of new affordable housing with a priority for cost and time-effective projects consistent within the existing City Affordable Housing Investment Plan.
i. Prior to issuing any funding, the City shall conduct an audit of its Notice of Funding Availability (NOFA) process and return to Council with proposed cost-control measures to maximize unit production.
b. Twenty eight percent of the funding shall be used on immediate, low barrier, and flexible solutions that provide safe and dignified shelter. Solutions may include:
i. Emergency interim housing
ii. Acquisition and rehabilitation of motels/hotels
iii. Acquisition of land for safe parking or safe sleeping
iv. Acquisition and conversion of industrial or commercial buildings
v. Construction of new and/or redesigning of existing congregate shelter
vi. Acquisition of market rate housing to convert to permanent deed restricted housing
vii. Operations and services associated with affordable housing and interim housing if State law is amended to allow for bond proceeds to be used for providing services.
c. Fifteen percent shall be used for the preservation of affordable housing, with a priority for privately-owned affordable housing developments with expiring deed restrictions.
d. If state law is amended to allow for bond proceeds to be used for providing services:
i. Five percent of bond proceeds shall be used for tenant protections.
ii. If State law is not amended, five percent of the funding shall be used for the construction of new affordable housing in accordance with 2.a.
e. Conduct community outreach on the spending plan with these priorities before the spending plan returns to City Council for approval.
3. Any changes to the allocations described in Recommendation 2.b. shall require two thirds vote of the City Council in addition to complying with applicable state law.