Welfare Tax Exemption Preservation Program
BAHFA's Welfare Tax Exemption Preservation Program helps produce and preserve affordable housing by supporting private building owners' applications for property tax relief.
The Bay Area Housing Finance Authority (BAHFA) was created to help solve the Bay Area's housing crisis through the action of the 3Ps: produce new affordable housing; preserve existing housing that is affordable to lower- and middle-income households; and protect vulnerable residents from displacement.
BAHFA created the Welfare Tax Exemption Preservation Program to help mission-driven housing developers achieve preservation and protection goals. The program provides the public sector support that private developers need to qualify for property tax relief under state laws. Eliminating property taxes from a building’s operating budget means lower rents for tenants. The program's assistance includes a recorded deed restriction on the property that ensures that rents remain affordable in the future.
The Welfare Tax Exemption Preservation Program is just one tool in BAHFA’s growing toolkit of resources created to deliver the affordable housing that the nine county Bay Area needs. Staff are available to work with all developers who are considering building acquisitions that meet the program’s term sheet requirements.
Phone: (415) 778-5217