Nearly 33,000 affordable housing units are currently stuck in predevelopment in the Bay Area and need some $7.6 billion to complete, according to new research.
A total of 395 affordable housing projects are in various stages of predevelopment, needing additional public or private funding to be completed, according to research from the two organizations, which was organized into the Bay Area Affordable Housing Pipeline database.
Of those projects, 282 are new construction projects while 67 are some form of renovation or rehabilitation of an existing building. The researchers also found that Alameda County has the highest number of projects in development at 106, but Santa Clara County leads the region in total units in development with 10,829.Sign up for NBC Bay Area’s Housing Deconstructed newsletter.
State officials have determined the Bay Area needs roughly 180,000 new housing units by 2031 to meet the total need housing need across the region. "The good news is that the sheer size of the predevelopment pipeline gives Bay Area cities, towns and counties a good running start toward meeting the affordable housing production challenge laid down by the state," BAHFA Director Kate Hartley said in a statement.
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