California Homes and Jobs Act SB391

California Homes and Jobs Act SB391

Posted in the Vallejo Forum

Anonymous

Vallejo, CA

#1 Feb 22, 2013
Bill's $75 fee would add affordable housing
http://www.sfgate.com/realestate/article/Bill...

Money for affordable housing in California has been slashed even as rising rents and dwindling incomes make the need more acute, advocates say.

The California Homes and Jobs Act, SB391, introduced Wednesday by Sen. Mark DeSaulnier, D-Concord, would bring in about $525 million annually for affordable housing by imposing a $75 recording fee on real estate documents, excluding those related to sales.

California abolished redevelopment agencies during last year's budget crunch, wiping out over $1 billion a year for affordable housing. Another $500 million from bond measures passed in 2002 and 2006 has largely been depleted. At the same time, federal housing support has been cut back.

While the new measure will replace only about a third of the lost revenue, it's a critical first step, proponents said.

"It's really important that we get a revenue source so we can restart addressing our affordable housing needs," DeSaulnier said. "This is urgent. The average citizen in metropolitan areas of the state, despite the (real estate) implosion of 2008 and beyond, is paying more for housing, not less. We have some real affordable housing challenges in California."

The new money would have a multiplier effect, he said, helping to bring in $2.78 billion a year in federal funding and bank loans.

"With (the former money from redevelopment and state bonds) we were able to produce 3,000 to 4,000 affordable homes each year in the nine counties of the Bay Area," said Michael Lane, policy director at the Non-Profit Housing Association of Northern California, a trade group for Bay Area affordable housing developers. "If we don't replace these depleted and lost funds, we will only produce a few hundred affordable homes per year."
RightUpOurAlley

Vallejo, CA

#2 Feb 22, 2013
It's what we do best! Gimme dat money!!

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Vallejo Discussions

Title Updated Last By Comments
Michael J. Haworth: Orcem is progress 21 min Not droids youre ... 67
Jan Cook: Vallejo's future depends on our unity 42 min Sam Is GOB Now 9
Maria Silva: Enough with the bond money 3 hr sammy sez 23
Supervisors to discuss 2nd phase of Move Solano... 7 hr sammy sez 6
News Pension mess can't go on; that's no reason to i... 9 hr donaldito 4ever 1
Sampayan McConnell Defend Decision to Skip Labo... 10 hr sammy sez 227
Joseph P. Feller: All I ask is... 18 hr Mrs Shihsquee ova... 21

Vallejo Jobs

More from around the web

Personal Finance

Vallejo Mortgages