AB 1487

San Francisco Bay Area Regional Housing Finance Act

Authors: 

Chiu - San Francisco

Co-Authors: 

Asms. Mullin and Wicks, Sen. Wiener

Bill Status: 

Awaiting committee assignment in the Senate

Transform Position: 

Support

AB 1487 would authorizes the creation of the Housing Alliance for the Bay Area (HABA), a new intergovernmental agency to support regional strategies to create more affordable homes and protect long-term residents.

HABA would be authorized to raise revenue and allocate funds for affordable housing and related programs throughout the San Francisco Bay area, subject to applicable voter approval requirements and other specified procedures. It would be required to provide annual audits of the entity and financial reports. HABA could raise and allocate new revenue by placing funding measures on the ballot in the nine Bay area counties, incur and issue indebtedness, and allocate funds to local jurisdictions, public agencies, and affordable housing projects, to finance affordable housing development, preserve and enhance existing affordable housing, and fund tenant protection programs.