Wednesday, November 18, 2020

Response to the State Auditor's 
November 2020 Report
We agree with the State Auditor that California must develop and implement a long-term, comprehensive and coordinated plan to house those who are experiencing homelessness and lack access to affordable homes. While the claim in the November 2020 audit that $2.7B in tax-exempt bonds were wasted oversimplifies the program mechanics and ignores the economic conditions at the time, what's critical now -- when housing bond demand exceeds supply by more than two-to-one -- is that the state allocate all remaining bond issuance authority to affordable housing.

We therefore ask that the California Debt Limit Allocation Committee allocate all of the $600 million in recently returned bonds to affordable housing developments when it meets to consider this issue later today. All those interested can follow today's CDLAC discussion at approximately 1:30 via Zoom using meeting ID 820 7245 7346 and passcode 702560 or by phone by calling (888) 557-8511 and entering participant code 5651115.  

View the State Auditor's Report:

Learn about our 10-year comprehensive plan under development with Housing California:

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 more than $20 billion in private and public financing to preserve and create more than 75,000 affordable homes. |