It is not news that the San Francisco Bay Area has a housing crisis on its hands. The limited geography has seen a massive influx of new residents over the past decades, with new residents following great jobs, progressive politics, and a paradisal climate. These factors have contributed to a dramatic increase in housing costs. There are many potential solutions to this problem, but one of the most promising ones comes from the Bay Area’s Metropolitan Transportation Commission (MTC) and its Housing Incentive Pool.
What Is the MTC Housing Incentive Pool?
The Housing Incentive Pool is a grant program containing $76 million reserved transportation infrastructure funds that will go toward communities with affordable housing. Bay Area cities and counties that create or retain the largest number of affordable housing units from 2018 through 2022 can get awarded a portion of the grant pool. $5 million of the grants will be allocated toward infrastructure improvements around affordable housing developments, while $71 million will be distributed on a per-unit basis to the 15 jurisdictions with the greatest number of eligible housing units.
Of course, these affordable housing units cannot be located just anywhere. The Housing Incentive Pool specifies Priority Development Areas and Transit Priority Areas. The former are regions that are approved for future growth, while the latter are areas that are located near major transit hubs.
Propy in the Bay Area
The MTC Housing Incentive Pool highlights the rapid growth of local populations and the affordability crisis. For now, Propy is working toward establishing itself in the Bay Area real estate marketplace. Propy is serving the market by offering options to buy and sell houses with cryptocurrency and fiat, lower fees, and transactions on the blockchain. We welcome the demand for real estate, and we are also glad to see multiple initiatives from various parties to create more affordable housing in the Bay Area.
