by Jennifer LeSar

Founder and CEO

LeSar Portfolio of Firms

FY 2027 HUD Funding Heads Toward a December Deadline

Federal fiscal year 2027 began on October 1 without full-year funding for the U.S. Department of Housing and Urban Development (HUD). Instead, HUD programs are operating under a continuing resolution (CR), signed into law on September 2, that extends funding for all 12 annual appropriations bills through December 11, 2026. The CR generally holds programs at FY 2026 levels, but it does not settle the significant differences among the Administration's budget request, the House's proposed HUD bill, and a Senate bill that has yet to be released.

With both chambers in recess for the November 3 midterm elections, Congress will return on November 9 with roughly five weeks in session to enact full-year spending bills, pass another CR, or face a partial government shutdown on December 11. The outcome will determine funding levels for rental assistance, homelessness programs, public housing, and the community development tools that California jurisdictions rely on, as well as whether new programs authorized by the 21st Century ROAD to Housing Act receive their first appropriations.

Read more on where the proposals stand >

by Zack Olmstead

EVP Operations &
Business Line Oversight

LeSar Portfolio of Firms

Affordable Housing and Homeownership Bonds Overwhelmingly Supported by California Voters

While official election results will not be certified until December 11, the passage of Propositions 1 and 37 is not in doubt, as Californians backed the sentiment that housing affordability and availability remain among the most important issues facing the state. Together, these two housing-focused bonds authorize the sale of over $36 billion in bonds, the most significant housing investment ever approved by California voters.

Proposition 1, the Veterans and Affordable Housing Bond Act of 2026, authorizes the sale of $11.25 billion in bonds to fund a comprehensive suite of affordable housing and preservation programs. 

See the breakdown of $11.25 billion in bonds >

by Zack Olmstead

EVP Operations &
Business Line Oversight

LeSar Portfolio of Firms

California Invests in Regional Housing Finance Agencies as Partners to Housing Affordability

At over $350 billion, the California state budget is massive. At such a scale, small investments that drive impact can be overlooked.

Embedded in the passage and adoption of budget trailer bill AB 113 late in the legislative session, $17.25 million was appropriated to California's three regional housing finance agencies, a down payment on supporting more localized approaches to affordable housing as an effective way to align funding for affordable housing production and preservation.

Read more on AB 113's specific allocations >

Register for Our Upcoming Webinar

Join Zack Olmstead, Executive Vice President, LeSar Holdings, for an overview of California’s state budget, the federal budget landscape, and the implications of election outcomes for housing and development.  

"Ballots, Budgets & Building:

What State and Federal Decisions Mean for Housing’s Future"

Friday, November 13, 2026

10.30 am to 12.00 pm PST

Learn more and register >