California Homes and Jobs Act SB391
Posted in the Vallejo Forum
#1 Feb 22, 2013
Bill's $75 fee would add affordable housing
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."
#2 Feb 22, 2013
It's what we do best! Gimme dat money!!
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