By Kevin V. Nguyen : sfstandard – excerpt

With state and federal funds drying up, banks lending less, and more cities facing budget deficits, tens of thousands of newly proposed affordable homes have been stuck in limbo, unable to get off the ground.

So come this November, Bay Area voters will not only be weighing in on the next U.S. President, but also, whether or not they should step in and loan the nine-county region a total of $20 billion to move those efforts along.

Last week, the commissioners of the Bay Area Housing Finance Authority—a first-of-its kind agency created in 2020—voted unanimously to put the bond measure on ballots to fund new subsidized housing projects, buy up existing homes to make or keep them affordable, and support housing-related infrastructure.

The bond would be funded by property tax increases, with an estimated tax of $19 per $100,000 of assessed value, which shakes out to about $190 per year for a home assessed at $1 million.

If voters approve this IOU, each city would receive a cut of the proceeds based on how much its jurisdiction pays in taxes. San Francisco, for example, would get about $2.4 billion to invest, while the city of Oakland would get over $720 million. The funds would be dispersed in the form of low-cost loans. …(more)

Is anyone following this story, or should I say media spin on the ballot initiative that has so far been called a Tax, and Bond, and now it is a loan. Which is the most accurate way to describe this? Are any of the titles right or are they all correct? Are the words, tax, bond and loan synonyms?