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.)
The Affordable Housing Bond Act (SB 3) was introduced by Senator Beall (D-South Bay/Silicon Valley) as part of the State Senate’s “California Rebuild” for the 2017 legislative session.
SB 3 is part of the Housing Package announced in the summer by the Governor and Legislative Leadership and is a critical affordable housing funding measure for the Bay Area and our state.
SB 3 will give voters the opportunity to pass a statewide general obligation bond for affordable housing at the November 2018 ballot to fund existing critical and successful affordable housing programs in California. Polling shows that voters support increasing SB 3’s investment in our communities, with a $6 – $9 billion bond.
The Affordable Housing Bond Act will:
How SB 3 Works
SB 3 will allow voters to authorize an 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*:
* Based on a $3 billion bond. In August, voters expressed overwhelming for increasing SB 3’s bond investment to $6-$9 billion, to maximize opportunities and create even more affordable housing for our com
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.