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The San Mateo County Board of Supervisors approved a community outreach plan for a regional housing bond measure on the November 2024 ballot that could bring in an estimated $1 billion for affordable housing for the county.
In 2022, two regional agencies began the process for voters to consider a $10 to $20 billion general obligation housing bond with San Mateo County receiving around $1.05 billion to build and preserve affordable housing, according to a staff report. The two agencies are the Bay Area Housing Finance Authority (BAHFA) and the Association of Bay Area Governments, the latter of which represents the nine Bay Area counties.
At a Dec. 5 San Mateo County Board of Supervisors meeting, Supervisor Noelia Corzo said the bond is an opportunity to advance equity within the county.
“Let me clearly state that over $1 billion to support our county housing needs will be life-changing for our residents,” Corzo said.
The outreach process aims to involve county residents and community housing partners beginning in early 2024. The outreach will detail the county’s needs, introduce the bond, and discuss how the money will be divided and used if the voters approve the bond, according to the report.
The county’s Board of Supervisors approved the plan 3-1 with Dave Pine absent and Ray Mueller opposed. Mueller said he supports the bond but is concerned that the community outreach phase would happen too close to the election. He noted residents could perceive it as a campaign using taxpayer dollars, which is illegal.
“This has been structured to do all the community engagement when people are voting,” Mueller said.
If the bond passes, 80% of the bond’s net revenue will be returned to the nine counties based on each county’s share of assessed property values. The remaining 20% would be reserved for BAHFA to distribute around the region.
San Francisco Bay Area Regional Housing Finance Act, created by BAHFA, would divide the potential bond revenue into sections: 52% for production, 15% for housing preservation, 5% for tenant protections, and 28% for flexible housing uses, according to the report.
For San Mateo County, the estimated $1.05 billion would be divided for several housing purposes: $52 million for administration, $543 million for production, $156 million for preservation, $52 million for tenant protections and $290 million for flexible funding, according to the report.
Corzo said the $52 million for tenant protections is essential for county residents.
The state expects cities within the county to plan for more than 19,000 homes in the next eight-year Regional Housing Needs Allocation (RHNA) cycle, a state mandate that addresses the housing jobs imbalance and the need for more affordable housing.
Supervisor David Canepa said the county currently has around 1,800 homes in predevelopment. This is less than 10% of the county goal.
“It’s not like we are trying to Manhattan-ize your city,” Canepa said. “What we are trying to do is help you with those strong RHNA numbers, and this is the tool to do that.”
Ken Chan, a senior organizer for the Housing Leadership Council of San Mateo County, said if the bond is approved, the funds can only be used for affordable housing in the low, very-low and extremely-low income categories.
“Because of how the income targets need to be utilized, it will help lower-income residents stay within their communities and close to work, as opposed to living across the Bay or even further out,” Chan said. “I think it’s an important tool to have, and we should explore any available options to help the housing jobs imbalance.”
According to the county’s website, the county’s average median income is around $140,000 per year. Homes in the low-income category would need to make 80% of the average median income (AMI), or $119,680 annually, to qualify for the affordable housing unit. The very-low category is reserved for individuals who make 50% of the county’s AMI, or $74,800 annually. The extremely-low income category is for individuals who make 30% of the county’s AMI, or $44,880.
Passage requirements
A regional housing bond requires a two-thirds supermajority of all Bay Area voters to pass. However, if Assembly Constitutional Amendment 1 passes in November, it could reduce the two-thirds supermajority to 55% for bonds that support public infrastructure, affordable housing or permanent supportive housing, and it would apply to a measure on the November ballot, according to the report.
“ACA 1 is important for every single part of our community. I wanted to elevate that,” Corzo said.
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