Welcome to today’s Real Estate news! In the latest developments, the Bay Area is set to make a monumental decision as it prepares to vote on California’s largest-ever housing bond, worth up to $20 billion. This historic bond aims to address the pressing need for affordable housing by funding new subsidized housing projects and investing in housing-related infrastructure. Meanwhile, California has been granted over $16 million to develop affordable housing and tackle regulatory barriers. The Pathways to Removing Obstacles to Housing grant will support lower-income households and promote equitable land use patterns. These exciting initiatives are crucial steps towards addressing housing challenges and creating more accessible homes for communities in need. To delve deeper into these stories, read on!
Bay Area will decide California’s biggest housing bond ever – CalMatters
A newly created regional housing finance authority for the entire San Francisco Bay Area will send a bond of up to $20 billion to the ballot. The largest affordable housing bond in California history is officially headed to the November ballot — just not for all Californians. The Bay Area Housing Finance Authority agreed to ask voters across the nine counties of the Bay Area to approve an IOU of up to $20 billion dollars. The bulk of the funds would go toward the construction of new subsidized housing projects, with the rest to be spent buying up existing units and on housing-related infrastructure. This bond vote will have significant economic and political implications. Affordable housing developers lined up in support, noting the ready-to-go pipeline of housing units that lack public funding. The bond is a test case of a new approach to funding affordable housing in California. If successful, it could pave the way for more low-cost loans. However, paying off principal and interest will add up to nearly $50 billion, to be paid via higher property taxes. Recent polling shows that 54% of likely voters support the bond, but it will require the backing of two-thirds of voters to pass. The fate of California’s largest-ever housing bond may hinge on the outcome of not one, but two ballot measures. To learn more, click here.
California granted over $16 million for affordable housing – NBC Los Angeles
A combined $16.2 million awarded to California will be used to develop new affordable housing for lower-income households and reduce regulatory barriers to housing construction and preservation. The funding comes from the Pathways to Removing Obstacles to Housing (PRO Housing) grant, which aims to address local housing barriers such as outdated regulations, inadequate infrastructure, and lack of available financing. Four California communities, including Los Angeles County, will receive the grant funding. Los Angeles County plans to use the grant to support housing in unincorporated areas, modernize infrastructure, and facilitate construction near public transit. An equity audit will also be conducted to address systemic racism in land use patterns. The grant is part of a larger effort to examine historical housing inequities and expand access to home loans. To learn more, click here.