TO: Napa County Housing Commission
FROM: Jennifer Palmer, Executive Director of Housing Authority
REPORT BY: Alex Carrasco, Staff Service Analyst
SUBJECT: Bay Area Housing Finance Authority Bond Initiative Updates
RECOMMENDATION
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Bay Area Housing Finance Authority (BAHFA) bond initiative updates. No action needed.
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EXECUTIVE SUMMARY
On July 25, 2023, Housing Authority staff presented the Housing Commission with an overview of the Bay Area Housing Finance Authority's (BAHFA) mandate to create regional solutions that meet the Bay Area's affordable housing needs. Today, staff will provide an update to the proposed bond and its local implications. This is a standing item, no action needed.
PROCEDURAL REQUIREMENTS
1. Staff Report
2. Public Comments.
3. Discussion, no action needed.
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.
BACKGROUND AND DISCUSSION
In 2019, the California Legislature established the Bay Area Housing Finance Authority, or "BAHFA", via Assembly Bill 1487 to help meet the Bay Area's housing needs. Specifically, BAHFA has adopted a "3Ps Framework" to ensure housing is available to all Bay Area residents, no matter their income: 1. Protection for current residents to avoid displacement, 2. Preservation of existing housing affordable to lower- and middle-income residents, and 3. Production of new housing at all income levels, especially affordable housing.
Currently the Bay Area's nine counties and 101 cities address most housing issues individually, with limited staff and financial resources. BAHFA encourages and supports coordination, regional thinking and working together to tackle the housing crisis on a larger scale. The BAHFA Board (which is compromised of the same members as the Metropolitan Transportation Commission (MTC)), and the Association of Bay Area Governmen...
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