BAHFA was established by Assembly Bill 1487, the San Francisco Bay Area Regional Housing Finance Act. Authored by Assemblymember David Chiu of San Francisco, the bill authorizes BAHFA — in consultation with the Metropolitan Transportation Commission with review by ABAG — to place new revenue options on the ballot to support regional coordination of affordable housing production and preservation.
A Regional Funding Source for Housing
The Bay Area’s 101 cities and nine counties have limited resources and capacity to solve the region’s housing affordability crisis on their own. While MTC and ABAG have provided planning and policy tools to address the crisis, more money is needed to boost construction and to preserve existing affordable housing at a regional scale.
AB 1487 requires BAHFA and ABAG to form a nine-member public advisory committee to provide input on funding guidelines and overall program implementation. The Interim Advisory Committee Members are: