Down Payment Assistance Loan Program
Goal ($50M): To assist middle-income working families to purchase homes and stay in Alameda County.
Homeowner Housing Development Program:
Goal ($25M): To assist in the development of housing, improve the long-term affordability of housing for low-income households, and help first-time homebuyers stay in the county.
Housing Preservation Loan Program
Goal ($45M): to help seniors, people with disabilities, and other low-income homeowners to remain safely in their homes. Provides small loans to pay for accessibility improvements, such as ramps, widened doorways, and grab bars. Provides rehabilitation loans for deferred maintenance such as roofs, plumbing, and electrical systems to seniors/disabled/low-income households at 80% of area median income.
Rental Housing Programs
Rental Housing Development Fund
Goal ($425M): to create and preserve affordable rental housing for vulnerable populations, including lower-income workforce housing. Developments will remain affordable over the long-term— estimated to be for at least 55 years.
Innovation and Opportunity Fund
Goal ($35M): to respond quickly to capture opportunities that arise in the market to preserve and expand affordable rental housing and/or prevent tenant displacement— e.g. rapid response, high-opportunity predevelopment and site acquisition loans.
Funding will be allocated throughout Alameda County. Homeowner program funds and rental innovation program funds to be allocated countywide. For allocation of Rental Housing Development Program funds, see charts on the back of this sheet.
- All funds from the proposed bond must stay local, dedicated to affordable housing needs in Alameda County only.
- The measure includes independent annual audits to ensure that funds are spent as approved by voters.
- The cost to property owners is projected to be $12-$13 per $100,000 of assessed value (not to be confused with market value). The assessed value of a property is often much lower than its market value. The typical Alameda County homeowner would pay $48-56 per year, or less than $5 per month to support this critical initiative.
For more information about the Affordable Housing Bond, we encourage you to check out the Alameda Board of Supervisor’s 2-Page Affordable Housing Bond Fact Sheet.