In late June, the Alameda County Board of Supervisors voted to place a $580 million general obligation bond measure on the November ballot, Measure A1.
The bonds, to be sold in three tranches, would be paid back by a $12 to $14 per $100,000 of assessed valuation annual tax levy on properties throughout Alameda County. The typical Alameda County homeowner would pay $48 to $56 per year for 23 years.
The county counsel’s analysis of the measure says that, “this measure provides that its proceeds will be used to acquire or improve real property to provide up to 8,500 units of affordable local rental housing and housing for the homeless. Proceeds from the sale of the bonds will also help low and middle-income households to purchase homes.”
City of Alameda staffers indicate that the city will receive a minimum of $10.4 million in bond proceeds to build affordable housing, and that the city will be eligible to apply for funding from a $50 million regional pool of money.
Alameda voters will also be asked this November to back a 20-year extension of an $8 per month parcel tax to support AC Transit, (Measure C1) and a $3.5 billion tax bond measure to fund BART upgrades (Measure RR).
Taxpayers would be paying for the BART measure for nearly 50 years, at an estimated rate of $2.02 per $100,000 of assessed property valuation in the coming fiscal year to as high as $17.49 per $100,000 of assessed property valuation in 2035.
City staffers are asking council to adopt resolutions of support for both of the transit measures on the 20th as well.