California Legislature Passes Affordable Housing Bills

Jun 02, 2017

The Federal Housing Finance Agency (FHFA) is seeking comments on proposed amendments to its regulation on the Federal Home Loan Banks' (FHLBanks) Affordable Housing Program

The California legislature passed bills yesterday designed to ratchet up construction to ease the state’s affordable housing shortage.

According to an Associated Press report, the Senate voted 23-12 to pass SB35, which removes some development restrictions in cities that fall behind on their housing production goals. The Senate also voted 30-9 to put a $3 billion bond for affordable housing on the ballot. Over in the Assembly, a 46-19 vote saw the passage of AB73, which rewards cities for streamlining the approval of housing, particularly for developments near public transportation.

"We need a comprehensive solution to address the housing crisis," said Assemblyman David Chiu, a San Francisco Democrat who authored AB73.

However, the legislature also created a new construction blacklist: the Senate voted 23-16 to ban the state from contracting with companies that bid to build President Donald Trump's proposed border wall with Mexico.

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Jun 02, 2017

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