SAN FRANCISCO (May 8, 2024) – Today, Enterprise Community Partners (Enterprise) and the Bay Area Housing Finance Authority (BAHFA) together released The Bay Area Affordable Housing Pipeline 2024 report, which analyzes the affordable housing developments in various stages of predevelopment across the nine-county Bay Area and the solutions needed to unlock the pipeline.
Notably, the report finds there are currently 433 affordable housing developments already in predevelopment across the Bay Area which would provide 40,896 affordable homes. This accounts for nearly 23% of the affordable housing goal set by the State of California's Regional Housing Needs Allocation (RHNA) Plan which determined that the Bay Area needs 180,000 more affordable homes by 2031 to meet demand.
Affordable housing developments are supported by a capital “stack” investment, inclusive of a commercial mortgage, Low-Income Housing Tax Credits (LIHTC), tax-exempt bonds, and additional local, regional and state dollars that fill the gap between the cost of the development and the financing secured through debt and equity. The report finds these developments need $9.7 billion in public subsidy to move forward. The $20 billion regional bond measure proposed for the ballot this fall would help close this gap, advancing the Pipeline in the Bay Area with dedicated funding for affordable housing across the region.
“We’ve been stuck in an affordable housing crisis that has overwhelmed the region, and we are presented with a significant opportunity to unlock thousands of affordable homes for Bay Area residents,” said Heather Hood, VP and Northern California Market Leader at Enterprise Community Partners. “This upcoming November, voters will have the opportunity to prioritize what everybody agrees is a top priority – housing solutions. We can all vote ‘yes’ to a regional affordable housing bond measure. This is an essential way to end our housing crisis and deliver the dignified, healthy homes the Bay Area community needs and deserves.”
The Pipeline shows that there are affordable housing developments planned in all nine Bay Area’s counties, including 10,367 affordable homes in Santa Clara County, 10,086 in Alameda County, 3,404 in Sonoma County, and 1,496 in Napa County. But right now, each Bay Area city, town or county is currently working on its own to address the regional challenges of housing affordability and homelessness. The proposed bond would allow for a more coordinated, equitable approach at the scale of the need across the region.
“The need for affordable housing transcends jurisdictional boundaries. BAHFA’s proposed bond measure would finally allow our Bay Area to take a regional approach to a regional problem,” said Kate Hartley, Director of BAHFA. “With significant new resources for every county, we can build at scale, deliver equitable solutions, and create a better way to deliver the affordable homes Bay Area residents need.”