California's Affordable Homes At-Risk

Monday, April 8, 2024

California's Experts on Affordable

Housing Finance, Advocacy & Policy

California's housing crisis will only worsen if we do not preserve the homes imminently at risk of market rate conversion. Thousands of low-income seniors, families, and other individuals will be at risk of losing their homes. Research has also shown this affects

Black, Indigenous and people of color the most.

Defining the universe of California’s subsidized and unsubsidized affordable rental homes compared to its vast lower income renter population puts into perspective why every affordable home is vital to protect.

Interested in learning more from the experts?

Join us Monday, May 13th for a conversation with the report authors as well as affordable housing practitioners and policy leaders about the findings and their implications.

Af fordable Homes At Risk Report

findings include:

7,350 subsidized affordable rental homes may no longer be affordable as soon as next year.

19,249 have been lost in California since 1999 through conversion to market rate housing or expiring regulatory restrictions.

More than 33,910 could lose their affordability within 10 years if nothing is done.

READ THE REPORT

Unsubsidized Affordable Homes At Risk Report findings include:

160,000+ homes are no longer affordable, largely concentrated in Southern California, the Bay Area, and Sacramento and Fresno counties.

222,190 are currently at high or very high risk of losing their affordability in the near term.

52% of lost unsubsidized affordable homes are located in High or Highest Resources areas.

READ THE REPORT

POLICY SOLUTIONS

Develop an on-going revenue source to fund affordable housing production and preservation at the scale needed over 10 years.

Place the $10 billion affordable housing bond, Assembly Bill 1657 (Wicks) on the 2024 ballot and actively support its passage.

Enact the Community Anti-Displacement and Preservation Program (CAPP), as proposed in Senate Bill 225 (Caballero), to allow mission-driven affordable housing entities to purchase at-risk unsubsidized affordable developments.

Establish the Affordable Housing Preservation Tax Credit, as proposed by Assembly Bill 1911 (Gabriel).

Aggressively enforce the State Preservation Notice Law and strengthen it by passing AB 2926 (Kalra).

Create incentives for the owners of at-risk developments to sell to affordable housing entities.

SEE MORE IN THE REPORTS

Our state's housing affordability challenges, decades in the making, will be improved by these and sustained long-term efforts, as detailed in California's Roadmap Home 2030 (roadmaphome2030.org). By pairing clear goals with synergistic policy and systems-change strategies that can have an effect over time, the investments made today will bring about the outcomes many Californians have been longing for.

To learn more, visit our website to explore

the Housing Needs Dashboard and our State Policy overview.

About the California Housing Partnership

The California Housing Partnership creates and preserves affordable and sustainable homes for Californians with low incomes by providing expert financial and policy solutions to nonprofit and public partners. Since 1988, the Partnership's on-the-ground technical assistance, applied research, and legislative leadership has leveraged $35 billion in private and public financing to preserve and create more than 93,000 affordable homes. | chpc.net

View this newsletter on our website.

STAY CONNECTED