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POLICY SOLUTIONS
To address the affordable housing needs of its low-income residents, the Governor & legislature should:
(1) Develop an on-going revenue source to fund affordable housing production and preservation at the scale needed to meet state goals over 10 years.
(2) Place a $10 billion affordable housing bond (AB 736 Wicks or SB 417 Cabaldon) on the 2026 ballot and actively support its passage.
(3) Expand and make permanent the enhanced state Low-Income Housing Tax Credits.
(4) Make funding the Multifamily Housing Program part of the baseline state budget and increase the amount incrementally each year.
(5) Pass a state Community Reinvestment Act to create a level playing field between federally-regulated banks and currently unregulated financial institutions so that all are reinvesting in California communities equitably.
(6) Reduce the cost of developing affordable homes by $42,000 per unit by implementing the Governor’s plan for the new Housing Development Finance Committee to act as a single funding table where all needed state resources are awarded at one point in time.
(7) Advance preservation of existing affordable homes by (a) investing in rehabilitation, (b) strengthening enforcement of the state Preservation Notice Law, and (c) acquiring unsubsidized apartments occupied by low-income households and restricting them for long-term affordability.
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