NPH Priority Bill 2017: Affordable Housing Bond Act

NPH Priority Bill 2017: Affordable Housing Bond Act

Bay Area voters stepped up for affordable housing funding in November 2016 in a big way. Now, the state must do its part too. NPH state priority bills will create more safe, affordable housing opportunities and options in the Bay and beyond. View the full NPH Affordable Housing Action Center here or read on for our bill spotlight: Affordable Housing Bond Act (SB 3: Beall.)

Spotlight: Affordable Housing Bond Act 

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The Affordable Housing Bond Act (SB 3) was introduced by Senator Beall (D-South Bay/Silicon Valley) for the 2017 legislative session to give voters the opportunity to pass a $3 billion statewide general obligation bond for affordable housing at the November 2018 ballot to fund existing critical and successful affordable housing programs in California.

By creating a $3 billion statewide housing general obligation bond, tens of thousands of California’s lower income families will have a place to call home.

The Affordable Housing Bond Act will:

  • Fund affordable housing for low-income families who are at risk of experiencing homelessness.
  • Create homeownership opportunities for low- and moderate-income earners so that our teachers, medical assistants, police officers and firefighters can remain in our communities.
  • Similar to Props 46 and 1C, which previously provided $5 billion worth of state investment in affordable housing, SB 3 can successfully create urgently needed housing opportunities across the state.


How SB 3 Works

SB 3 will allow voters to authorize a $3 billion affordable housing bond at the November 2018 ballot to create more affordable housing across the state. The programs in this bond specifically fund construction, rehabilitation, and preservation of housing for those at risk of or currently experiencing homelessness and low-income earners, as well as create more homeownership opportunities for low and moderate-income earners.



Why SB 3 is the Right Solution

SB 3 is an excellent investment in California’s future. For every $.70 of state investment, California can leverage $3 in federal funds. Together, these funds can provide:

  • Tens of thousands of affordable housing opportunities and options for Californian families and working people
  • 147,000 jobs
  • More than $9 billion in construction income
  • $24.5 billion in economic activity
  • $1.1 billion in additional local and state taxes & fee revenue

As demonstrated through Prop 46 and Prop 1C and the 183,000 homes they created, this bond will have a real and lasting impact on the housing shortage. Through this bond, the State of California can show the same resolve as Bay Area voters who prioritized affordable homes in the 2016 elections and collectively raised over $2 billion worth of affordable housing investments locally.



What You Can Do to Support SB 2

 

Click here for the current status of SB 3.

Click here to download our SB 3 Fact Sheet.

–> Navigate back to the NPH Affordable Housing Action Center <–

Alina Harway