Support the Affordable Housing Bond Act of 2024 Now
Thanks to the vocal support of many advocates, the California Assembly recently passed the Affordable Housing Bond Act of 2024, also known as Assembly Bill (AB) 1657 (Wicks). This bill would provide $10 billion to replenish the state funding that has run dry for essential programs since the last voter bond bill in 2018. However, in order for the Legislature and Governor to prioritize this bond for the 2024 ballot, we need your organization to submit a letter of support now. Competition for space on the ballot is tough, and only by showing massive support for AB 1657 will it make the cut. Please do so by this Friday, June 16!
We would also like to take this opportunity to update you on the status of the Partnership’s eleven other sponsored bills. Ten of the eleven passed the first house of the Legislature. AB 1181 (Zbur) to more closely align the Solar On Multifamily Affordable Housing (SOMAH) Program and the Self-Generation Incentive Program (SGIP), held in the Assembly Appropriations Committee, was the only casualty. The following measures now move on to the second house and can also use your support. Please see the related fact sheets and sample support letters on the Partnership’s state policy page.
The Partnership's Co-Sponsored Bills
AB 84 (Ward)provides access to the welfare property tax exemption for developments financed with 501(c)(3) bonds and ensures that non-housing credit developments do not lose the exemption on a unit when a tenant’s income grows beyond 80% of the area median income (AMI) but remains less than 100% AMI.
AB 346 (Quirk-Silva) allows the Tax Credit Allocation Committee (TCAC) to pair enhanced state low-income housing tax credits with either 9% or 4% federal credits in years when the state's Debt Limit Allocation Committee (CDLAC) is competitive and clarifies that investors may begin claiming state credits in the year the development places in service, regardless of when TCAC tax forms are finalized.
AB 578 (Berman)caps state monitoring fees at reasonable levels to cover actual state costs so that more money can be to actually build housing.
AB 1053 (Gabriel) reduces affordable housing costs by funding state affordable housing loans during construction.
AB 1307 (Wicks & Rivas) specifies that noise generated by occupants is not a significant effect on the environment under California Environmental Quality Act (CEQA).
AB 1449 (Alvarez) provides a CEQA exemption for certain housing developments where all units are affordable.
AB 1633 (Ting)specifies that the wrongful denial or withholding of a CEQA clearance to which a housing development is legally entitled is a violation of the Housing Accountability Act.
SB 341 (Becker) more appropriately aligns prohousing incentives and housing element compliance requirements to programs where local governments are the applicants.
SB 355 (Eggman) broadens the eligibility for the Solar on Multifamily Affordable Housing program.
SB 469 (Allen & Weiner) exempts housing credit and state-funded developments from Article 34 of the State Constitution.
SB 482 (Blakespear) requires the state to offer capitalized operating subsidy reserves for supportive units under the Multifamily Housing Program.
These bills will not be sufficient in and of themselves to solve California’s affordable housing crisis, which requires a long-term, comprehensive, evidence-based set of policy solutions at scale, similar to those described in the Roadmap Home 2030. The Roadmap Home 2030 lays out a bold vision for solving California’s affordable housing and homelessness challenges over a 10-year period.
Learn more by visiting the State Policy section of our website. For questions or more information on any of these bills, please contact [email protected].
Andrew Dawson
Policy Advocacy Manager
Mark Stivers
Director of Legislative & Regulatory Advocacy
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 $25 billion in private and public financing to preserve and create more than 75,000 affordable homes. | chpc.net
