SAN
FRANCISCO, Aug. 14, 2024 /PRNewswire/ --Bay Area
Housing Finance Authority (BAHFA) Chair Alfredo Pedroza and Belia Ramos, president of the Association of Bay
Area Governments (ABAG)'s Executive Board today issued a joint
statement following BAHFA's decision this morning to remove a
$20 billion general obligation bond
measure for the production and preservation of affordable housing
from the November 5 general election
ballot in all nine Bay Area counties:
![(PRNewsfoto/MTC) (PRNewsfoto/MTC)](https://mma.prnewswire.com/media/1005988/MTC_ABAG_Logos.jpg)
"The BAHFA Board's decision to withdraw the
affordable housing bond measure from this November's ballot is not
one that was taken lightly. The Bay Area's housing affordability
crisis has been decades in the making and is far too big for any
one city or county to solve on its own. This is the reason the
state Legislature established BAHFA. A robust source of funding for
safe and affordable housing across our diverse, nine-county region
is essential to the Bay Area's economic and environmental health
and to its residents' quality of life.
"The BAHFA Board has always understood that it
would be a steep climb to establish this source of funding. Recent
developments have led the Board to conclude that the wise choice is
to look ahead to another election season for a regional
housing measure when there is more certainty and the voters have
weighed in affirmatively on Proposition 5.
"In the meantime, BAHFA will continue to work on
increasing the production of housing at all income levels, to
preserve existing affordable housing, and to protect current
residents from displacement. This includes maintaining, refining
and expanding pilot programs such as the online Doorway Housing
portal that makes it easier for prospective tenants to find and
apply for affordable housing throughout the region and easier for
developers and property managers to lease up their apartments;
working to move thousands of planned housing units through the
predevelopment pipeline; and implementing innovative programs to
preserve affordable housing and prevent homelessness.
"BAHFA's commitment to a regional approach
toward solving the Bay Area's housing affordability problems is
stronger than ever. When the climb toward passage of a regional
revenue measure resumes, the Board looks forward to teaming with
every one of the Bay Area's nine counties and 101 cities; and with
the hundreds of other public, private and nonprofit partners who
already have invested so much energy into this effort. Their work
to prepare for a November bond measure, and the relationships built
along the way, have laid a strong foundation for future success.
Each step brings us closer to the summit."
BAHFA is jointly governed by the ABAG's Executive Board and by
the BAHFA Board, which is comprised of the same membership as the
Metropolitan Transportation Commission (MTC). BAHFA and MTC Chair
Pedroza and ABAG Executive Board President Ramos both also serve as
members of the Napa County Board
of Supervisors.
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SOURCE Metropolitan Transportation Commission