HomeMy WebLinkAboutSupport Letter - BAHFA (Ramos & ABAG Executive Board Members) - 05.16.2024
May 16, 2024
ABAG Executive Board
Board Room - 1st Floor
375 Beale Street
San Francisco, CA 94105
RE: Support in Concept for Bay Area Housing Finance Authority (BAHFA)’s Affordable
Housing Bond
Dear President Ramos and ABAG Executive Board Members:
The City of Cupertino strongly supports the concept of BAHFA’s Affordable Housing Bond
measure. The proposed bond measure aims to generate up to $20 billion to build more
affordable homes and help keep existing homes affordable. One of the City’s top priorities is
to support local funding efforts focused on addressing the City’s housing needs.
Cupertino acknowledges the importance of addressing the Bay Area’s housing needs
through a regional effort. The City supports the measure in concept but would like to
ensure that strong return to source provisions and stronger public oversight are
incorporated into the measure before it is finalized. Since the bond is being funded by
property taxes, we would like to ensure that money from Cupertino residents will be
prioritized for funding affordable housing projects within Cupertino.
Additionally, we are concerned that there has been no robust discussion regarding an
independent, citizens' oversight committee. It appears that the only oversight mentioned in
the many BAHFA documents describes the minimum required of all general obligation
bonds. Cupertino hopes to fully support this measure after proper return to source
provisions and oversight are incorporated.
Sincerely,
Sheila Mohan
Mayor, City of Cupertino
Cc: Senator Dave Cortese
Assemblymember Evan Low