Affordable Housing Authority (AHA)
Established by Assembly Bill 1598 in 2017, AHAs are public financing entities that are authorized to use property or sales tax increment to provide bonds for affordable housing and workforce housing production. Like EIFDs, AHAs do not require public vote for formation or to issue bonds and can fund projects anywhere within the established district. AHAs are governed by a governing body made up of an odd number of members (at least 5) of at least 3 City Council or Board of Supervisor members and at least 1 community member who lives or works within the area. The boundaries of an AHA must be coterminous with the boundaries of the city or county creating it.
Focusing on increasing production of affordable housing, AHAs can only fund projects that increase, improve, and/or preserve affordable housing for very low-, low- and moderate-income households. As such, AHAs have a 95% affordable housing requirement. AHAs are funded by an affordable housing fund that is financed by property tax increment revenues.
No approved AHAs in the State yet.