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Santa Clara County, California, Affordable Housing Bonds, Measure A (November 2016)
| Measure A: Santa Clara County Affordable Housing Bonds |
|---|
|
| The basics |
| Election date: |
| November 8, 2016 |
| Status: |
 ApprovedMajority required: 66.67% |
| Topic: |
| County bonds |
| Related articles |
| County bonds on the ballot November 8, 2016 ballot measures in California Santa Clara County, California ballot measures County bonds on the ballot |
| See also |
| Santa Clara County, California |
A bond issue measure was on the ballot for Santa Clara County voters in Santa Clara County, California, on November 8, 2016. The measure was approved.
| A yes vote was a vote in favor of issuing $950,000,000 in bonds to fund affordable local housing. |
| A no vote was a vote against issuing $950,000,000 in bonds to fund affordable local housing. |
A two-thirds (66.67%) vote was required for the approval of this measure.
Election results
| Measure A | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 454,284 | 67.88% | ||
| No | 214,968 | 32.12% | ||
- Election results from Santa Clara County Registrar of Voters
Text of measure
Ballot question
The following question appeared on the ballot:[1]
| “ |
To provide affordable local housing for vulnerable populations including veterans, seniors, the disabled, low and moderate income individuals or families, foster youth, victims of abuse, the homeless and individuals suffering from mental health or substance abuse illnesses, which housing may include supportive mental health and substance abuse services, shall the County of Santa Clara issue up to $950 million in general obligation bonds to acquire or improve real property subject to independent citizen oversight and regular audits?[2] |
” |
Impartial analysis
The following impartial analysis of the measure was prepared by the office of the Santa Clara County Counsel:
| “ |
California law allows the County of Santa Clara to issue general obligation bonds with approval of two-thirds of the votes cast by County voters in the election. Measure A would allow the County to borrow up to $950 million by issuing general obligation bonds. The County would use this money to acquire or improve real property to provide affordable housing for populations that face challenges securing stable housing. People eligible for this housing would include:
Housing acquired or improved using bond funds could be sold or rented at below-market rates. Bond funds also could be used to provide housing in connection with supportive mental health and substance abuse services. The County could use up to $150 million of the bond proceeds to provide affordable housing for moderate-income individuals and families making between 80% and 120% of the area median income. The County could use up to $50 million of that amount to provide financial assistance to moderate-income first-time homebuyers. Measure A would require the County to prepare a public report each year describing the amount of the funds collected and spent, and the status of any projects paid for with bond funds. Measure A would also create a Citizens' Oversight Committee to review each annual report, and would require an independent auditor to review the County's spending of bond funds. Measure A would allow an increase in the property tax rate to pay debt service on the bonds. The County estimates that the tax rate required to pay for the bonds during the first fiscal year after the sale of the first series of bonds will be $12.66 per $100,000 of assessed value of taxable property. The County estimates that the tax rate over the life of the bonds would range from $10.76 to $12.66 per $100,000 of assessed value of taxable property. On June 21, 2016, the County's Board of Supervisors placed Measure A on the ballot. Two-thirds of those voting on Measure A must vote in favor of the measure for it to be approved. A "yes" vote would authorize the issuance and sale of general obligation bonds in the amount up to $950,000,000 to provide affordable housing, to be secured by property taxes on property located within the County. A "no" vote would not authorize the issuance and sale of the bonds[2] |
” |
| —Santa Clara County Counsel[3] | ||
Full text
The full text of the measure is available here.
Support
Supporters
The following individuals signed the official argument in favor of the measure:[3]
- Roberta Hollimon, chair, Council of the Leagues of Women Voters of Santa Clara County
- Richard A. Bata, Veterans Voice of Santa Clara County/U.S. Army Veteran
- Janice Jensen, President & CEO, Habitat for Humanity Silcon Valley
- Pamela B. Bancroft, Chairperson, Santa Clara County Senior Care Commission
- Dave Cortese, President, Santa Clara County Board of Supervisors
Arguments in favor
Official argument
The following official argument was submitted in favor of the measure:[3]
| “ |
We're all concerned about our friends, family, and most vulnerable community members being able to find a place to live in our region. Measure A provides solutions by creating affordable housing for our children, veterans, disabled, working families, seniors, and thousands of others in need. Everyone should have the opportunity to live in a safe, healthy, affordable home. YES on Measure A authorizes a $950 million bond to dramatically increase the number of affordable homes throughout Santa Clara County. Voting YES on Measure A will:
YES on A includes strong oversight protections and independent audits, public accountability, and transparency, to make sure every cent goes to the creation of new, affordable housing. Measure A is supported by a broad coalition of public health, businesses, civic, labor, housing and homeless advocacy, veteran, environmental, and faith leaders from every corner of our County. We can provide critically needed affordable housing for working and low income families and vulnerable members of our community. We can make sure our children, who deserve the opportunity to succeed in school and life, have a stable home to grow up in. Measure A will make the difference. Join us in voting YES on Measure A![2] |
” |
Opposition
Opponents
The following individuals signed the official argument against the measure:[3]
- Mark W.A. Hinkle, President: Silicon Valley Taxpayers Association
- John M. Inks, Mountain View City Councilmember
Arguments against
Official argument
The following official argument was submitted in opposition to the measure:[3]
| “ |
When the County of Santa Clara puts a bond measures like Measure A before the voters, what are they saying? Answer: everything they are spending your tax dollars on now, is more important than the projects forwhich this tax increase is being sought. Budgets set priorities. The County of Santa Clara is saying that every dollar they spend today is going to something they consider a higher priority than to provide affordable housing. Do you agree? The main reason that we don't have affordable housing is the law of supply and demand, the basic economic principle we learned in high school. When housing demand exceeds the supply, the price of housing goes up. So, why hasn't the supply kept up with the demand? Answer: too much government The supply is restricted because of government zoning laws that limits housing. The supply is restricted because of government building fees, now estimated to be about 25% of the cost of new housing according to the National Association of Home Builders. The supply is restricted because of government banking laws that restrict lending. The supply is restricted because of government building codes that add unnecessary costs. The solution to affordable housing is clear; we need less government, not more. You got to hand it to big government advocates, they've created this housing crisis and now, they propose to solve their problem with more government and more debt. Don't let big government proponents fool you, vote NO on Measure A. Remember bonds have to be paid back, with interest. And interest on this $950,000,000 bond measure is? Answer: who knows! Legally it could be as high at 12%. Who takes out a home mortgage without knowing what the interest rate is going to be? Please vote NO on Measure A.[2] |
” |
Path to the ballot
This measure was put on the ballot through a vote of the governing officials of Santa Clara County, California.
Recent news
The link below is to the most recent stories in a Google news search for the terms Santa Clara County County bonds. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ Santa Clara County, "List of Local Measures Presidential General Election November 8, 2016," accessed October 3, 2016
- ↑ 2.0 2.1 2.2 2.3 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 3.0 3.1 3.2 3.3 3.4 Santa Clara County, "E110-Measure A," accessed October 21, 2016
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