State Budget Sees Overall Reduction in Housing Spending

The Governor signed the 2024-25 budget on June 27, which saw an overall reduction in spending on housing and an approximately neutral spending on homelessness. The $297.9B spending plan relies on reserves and pauses some business tax credits to address a remaining revenue gap estimated at $56B over the next two years.

For housing programs, the funding picture is mixed: the budget deal restores $500M in Low-Income Housing Tax Credits (LIHTC), which have been included in the budget since 2019, as well as nearly the entire amount of Regional Early Action Planning Grants (REAP) 2.0 funds, but other housing programs were entirely eliminated or had significant cuts. 

Read on for details on final budget funding, reductions, and affected programs >



by Jacqueline Woo

California Legislative Analysis Manager

Global Policy Leadership Academy

Ballot Initiatives for November Election Finalized

Secretary of State Shirley N. Weber announced in late June that ten measures have qualified for the November 5, 2024, General Election ballot. June 27th also marked the last day for qualified ballot measures for the Statewide General Election to be withdrawn by the proponents or by a court order prior to its qualification by the Secretary of State.

At the state level, two of the ten measures pertain to housing, while at the local level, two measures – one in Los Angeles County and one in the Bay Area – will seek approval for more housing funding, particularly in light of less state-level funding for housing.

Read the full article for details of Election 2024's pivotal housing and education measures >



by Jacqueline Woo

California Legislative Analysis Manager

Global Policy Leadership Academy

Federal Appropriations Spending Bill for HUD Proposes Cut to Programs

The U.S. House Committee on Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD) released its draft fiscal year (FY) 2025 spending bill for HUD programs on June 26. The bill proposes an overall cut to HUD programs of $2.3 billion, or 3%, from the funding provided in FY24. 

While the Housing Choice Voucher (HCV) program would receive an increase of $115 million compared to the previous year’s funding level, bringing the program to a total of $32.3 billion, this amount may not be sufficient to cover the total cost of renewals. Several programs, including the Public Housing Operating Fund and Public Housing Capital Fund, would receive deep spending cuts as part of the House proposal. 

Read more for details on the proposed cuts to HUD programs in the FY2025 spending bill >



by Christina Mun

Chief Strategy Officer

LeSar Holdings Inc.

First Round of Federal PRO Housing Awards Announced

The first round of Federal Pathways to Removing Obstacles to Housing (PRO Housing) grant awards was released in late June; these grants aim to identify and remove barriers to affordable housing production and preservation.

The White House and HUD announced 21 awards totaling nearly $85M for the first round of funding – applications were submitted from more than 175 communities across 47 states and territories. The second round of the competition will open in the late summer of 2024 for $100M in additional funding.

Read more for insights on the PRO Housing grant awards and future opportunities >



by Jennifer LeSar

Founder & CEO

LeSar Holdings Inc.