CA AB1487

Establishes the Bay Area Housing Finance Authority governed by the Metropolitan Transportation Commission board to raise, administer, and allocate funding for affordable housing production, preservation, and tenant protection across the nine-county San Francisco Bay Area.

Authorizes the authority to impose special taxes (parcel tax, gross receipts tax, employee-based tax) subject to voter approval and a commercial linkage fee of up to $10 per square foot on commercial development projects.

Requires minimum allocations of revenue: 52% for new rental housing affordable to lower-income households, 15% for preservation of existing affordable housing, and 5% for tenant protection programs.

Distributes at least 80% of parcel and gross receipts tax revenue to counties of origin and allows up to 20% for regional projects; requires counties to adopt expenditure plans and prohibits displacement of existing residents in preserved buildings.

Allows authority to issue general obligation bonds secured by ad valorem property taxes and revenue bonds payable from authority revenues, with independent audits required every two years.