Measure L

Berkeley Affordable Housing Bond

CITY OF BERKELEY—Would authorize the issuance of $650 million in general obligation bonds, subject to independent oversight and audits, to create affordable housing; repair streets and sidewalks; underground utilities; and enhance buildings, infrastructure, and safety. Measure L requires at least ⅔ of voters approving to pass.

Fiscal Impact: Would raise approximately $25 million annually. The median annual cost over the projected 48-year period bonds are outstanding is approximately $40.91 for every $100,000 or $265 for the average assessed home value of $647,000.

Next Alameda County Measure: Measure M

See Endorsements for Measure L

Pro:

Proponents of Measure L argue that much of Berkeley's aging infrastructure is in disrepair and that Berkeley urgently needs to address housing affordability, the condition of our streets, and climate challenges impacting health, safety, and sustainability. They argue it would create over 1,500 affordable homes and continue rehousing the homeless, rehabilitate streets, and improve public safety, among other things while establishing an oversight committee, reporting requirements, and independent audits.

A YES vote on this measure means: The City would be authorized to issue $650 million of general obligation bonds to finance the acquistion and improvemtns of real property for affordable and social housing.

RenewBerkeley.Org (Campaign Website)

Con:

Opponents of Measure L argue that there is no guarantee we’ll get the touted results because this bond is not tied to any specific project list. They also argue that many of the important goals of Measure L are already being funded by recently approved measures (O, P, M, T1, FF) that have generated hundreds of millions of dollars and are still being paid off.

A NO vote on this measure means: The City would not be authorized to issue $650 million of general obligation bonds to finance the acquistion and improvemtns of real property for affordable and social housing.

BerkeleyansForBetterPlanning.org (Campaign Website)

If the measure is approved by two-thirds of the electors voting on it, the City would be authorized to issue $650 million of general obligation bonds to finance the acquisition and improvement of real property for affordable and social housing (“Affordable Housing Improvements”) and public infrastructure and facilities (“Infrastructure Improvements”) (collectively, the “Improvements”).

For the Affordable Housing Improvements, proceeds of the bonds will be used to acquire or improve affordable and social housing either by the City directly or indirectly through third parties.

Proceeds of the bonds may be used to reimburse the City for amounts advanced from the general fund or other funds or accounts to pay for expenditures on the Improvements that are paid prior to the availability of bond proceeds.

The City may have the opportunity to leverage federal, state, county and regional funds allocated for the Improvements if it issues the bonds.

This measure includes financial accountability requirements to ensure that the expenditure of bond proceeds will be used for the purpose of financing Improvements and related costs. Financial accountability measures include an annual independent financial audit and annual oversight by an Affordable Housing and Infrastructure Bond Oversight Committee appointed by the City Council. In addition, the City Manager would be required to file an annual report with the City Council regarding the amount of bond funds collected and expended, as well as the status of the Improvements. Relevant City commissions would also make recommendations on projects and expenditures proposed to be funded by the bonds.

This measure provides that the maximum rate of interest to be paid on the bonds shall not exceed twelve percent (12%), though the prevailing interest rates could be less.

Source: City Attorney's Impartial Analysis of Measure L

City of Berkeley Elections Office

Pro:

Con:

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