On September 11, 2018, the City Council will review and take action on the proposed income allocation plan for Measure V: Affordable Housing Bond. The income allocation plan describes how $450 million in funds will be used to build affordable housing in the city if voters approve the measure on November 6, 2018. Of the $450 million, $150 million will be allocated to households earning up to 30% Area Median Income (AMI); and $75 million will be allocated to households earning between 80% and 120% of the AMI. The remaining $225 million is proposed to be “unrestricted”, allowing a “flexible” approach to funding housing, according to the mayor and council members who have co-authored a memo on the item. To read the Staff memo on this item click here. To read BIA’s comment letter click here.
