Project Description

Public Agency:

City of Berkeley logo

Bond, Consulting or Both:

Both

Practice Areas:

Infrastructure & Facilities
Economic Development & P3
Voter Approved Revenue Measures

Project Completion: June 2020

NHA Contact:  Craig Hill and Rob Schmidt

Photos courtesy of Berkeley Food and Housing Project

The Berkeley Way Project – to be built at 2012 Berkeley Way (between Shattuck and Milvia) – is a joint development between Berkeley Food & Housing Project (BFHP) and BRIDGE Housing.

Unique Characteristics of Project: The City of Berkeley engaged NHA Advisors to assist in the development of a financing program to support their affordable housing and homeless services issues.  This was the first taxable voter-approved initiative the City had ever put on a ballot and was successfully approved in 2018 for $135M in general obligation bonds anticipated to be issued over 10 years.

Executive Summary: As part of a comprehensive strategy to create and preserve affordable housing for low-income households, working families, and individuals including teachers, seniors, veterans, the homeless, and persons with disabilities, the City of Berkeley embarked on a 10-year $135M funding program to leverage federal, state and non-profit resources for the development of housing units throughout the City.

NHA Advisors helped develop a comprehensive bond plan that worked in concert with existing bond measures and outstanding debt to help minimize the tax rate impact on property owners.