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Calif. Dems Seek $1.3B in Affordable Housing Funds

NationalMortgageProfessional.com
Apr 26, 2016
Gavin Newsom, who was sworn in as California’s Governor earlier this month, has filed his first lawsuit related to the state’s affordable housing policies

Democratic legislators in California are pushing for the inclusion of $1.3 billion in grants and tax credits designed to alleviate the state’s lack of affordable housing.

According to a Sacramento Bee report, the proposed funds would be used building or updating lower-cost housing, including multifamily rental units, as well as homes for farm workers and specialized housing units for homeless people. The proposal goes far beyond Gov. Jerry Brown’s 2016-2017 budget recommendations for a combined $376 million in funding to be divided between the Department of Housing and Community Development and California Housing Finance Agency.

Assemblyman Tony Thurmond estimated that California needs to add about 150,000 new units a year to accommodate residents in search of affordable accommodations. “People literally cannot afford to live where they work, and some folks can’t afford to live in any community at all,” he said.

Assembly Speaker Anthony Rendon has voiced his support for the proposal, noting that “housing costs are one of the key threats to our economy.” Gov. Brown, however, has not publicly commented on the measure.

Published
Apr 26, 2016
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