The K Street Flats apartment complex in Berkeley was quietly purchased by a Central Valley housing agency that specializes in converting market-rate apartments to missing middle affordable housing.
The Bay Area Housing Finance Authority agreed to seek approval for a historic $20 billion bond targeted towards construction of subsidized housing, acquiring existing units, and investing in housing-related infrastructure.
Affordable housing developers in the Bay Area have expressed support for the bond, citing the lack of public funding hindering the progress of numerous entitled housing projects ready for construction.
The proposed funding from the bond could potentially result in the building and acquiring of up to 72,000 housing units catering to varying income levels from deeply affordable to moderate, including households earning over $150,000 in some counties.
#affordable-housing #california-housing-bond #bay-area-housing-finance-authority #housing-development #income-levels
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