by Jennifer LeSar

Founder and CEO

LeSar Portfolio of Firms

House Advances 21st Century ROAD to Housing Act as FY 2027 HUD Budget Proposes Deep Cuts

Federal housing policy entered a consequential new phase this month as the U.S. House of Representatives passed the amended bipartisan 21st Century ROAD to Housing Act while House appropriators simultaneously released a proposed FY 2027 HUD budget that would significantly reduce funding for several major housing and homelessness programs.

Together, these developments underscore the increasingly divergent federal conversation around housing policy: bipartisan agreement on the need for structural reform and increased housing production alongside growing debate over the federal government’s long-term funding role in housing and homelessness programs.

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by Zack Olmstead

EVP Operations &
Business Line Oversight

LeSar Portfolio of Firms

Governor’s May Revise Sets Stage for Budget Negotiations

Governor Newsom released the last proposed budget of his tenure on May 14, laying the foundation for deliberations to create a final budget in collaboration with the Legislature by the end of June.

Prior to the May Revise, Democrats in the California Senate and Assembly had each released their own priority frameworks. Both the Assembly’s Road Map to a Responsible and Compassionate Budget and the Senate’s Foundation for the Future identified affordable housing production as a priority, albeit through different proposals. The Assembly expressed support by putting an affordable housing bond before voters in November, while the Senate sought to appropriate $1 billion between the Multifamily Housing Program and the Low-Income Housing Tax Credit programs, as well as $1 billion for affordable homeownership through California Dream for All and Calhome. 

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by Jacqueline Woo

California Legislative Analysis Manager

Global Policy Leadership Academy



Leadership Changes Signal Continued Evolution of California’s Housing Finance Landscape

California’s housing and homelessness infrastructure continues to evolve through a series of notable leadership appointments at both the regional and state levels.

Over the past month, leaders were named to guide two entities expected to play increasingly important roles in shaping affordable housing finance and production in the years ahead: the Los Angeles County Affordable Housing Solutions Agency (LACAHSA) and the state’s Housing Development and Finance Committee (HDFC).

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by Natalie Donlin-Zappella

Director, Partnerships & Climate Practice

Global Policy Leadership Academy



Article Contributor

Edwin Peart

Sr. Associate, Strategic Partnerships

Global Policy Leadership Academy



LA County Affordable Housing Solutions Agency's First $100M NOFA Sets the Stage for Larger-Scale Investments Ahead 

In April 2026, the Los Angeles County Affordable Housing Solutions Agency (LACAHSA) reached a milestone that had been years in the making: its board voted to approve just over $100 million in financing for 10 affordable housing developments expected to create approximately 554 below-market-rate homes across the county. The awards are drawn from LACAHSA's inaugural Notice of Funding Availability (NOFA) from the agency's production, preservation, and ownership (PPO) funds, which opened in December 2025, making more than $200 million available across LA County. These 10 awards signal a profound shift in how Los Angeles County finances affordable housing.



LACAHSA provides Los Angeles with a single, independent agency with the authority, scale, and mandate to address its housing crisis as a unified countywide challenge, similar to initiatives such as the New York City Housing Development Corporation and the Bay Area Housing Finance Agency (BAHFA). In addition to providing a coordinated vision for the region and providing technical assistance and best-practice support, LACAHSA has the authority to raise revenues, implement programs, and build and own housing. 

READ MORE about LACAHSA's NOFA and GPLA's involvement in standing up the agency >