I am pleased to share with you that in addition to the investments previously discussed, the Governor’s budget includes:
- $300 million for preservation of California Department of Housing and Community Development (HCD)-funded projects: This tracks most closely to NPH’s budget ask for $500 million to acquire and rehabilitate “naturally” occurring affordable housing and convert them into permanent affordable homes. NPH will continue to work with lawmakers to ensure that this investment is structured in a way that will make the most impact.
- $500 million to HCD for implementation grants: The grants are for regional entities for infill developments, targeted towards the state’s climate goals and reducing vehicle miles traveled. NPH will work with legislators to ensure that regional entities like the Metropolitan Transportation Commission (MTC), Association of Bay Area Governments (ABAG), and the Bay Area Housing Finance Authority (BAHFA) can access this funding to make crucial investments in the Bay Area.
- $500 million to continue our state’s investments in the low income housing tax credits: This will allow our state to continue to build desperately needed affordable homes throughout California.
- $4 billion for affordable student housing: While not included under the “housing and homelessness” section of the budget, this represents a historic one-time investment, that will be phased in over two years, to build housing affordable to low-income students. While the housing is set to be built by the state’s public institutions of higher learning, NPH will continue to monitor this major investment to better understand how it aligns with our members’ work.
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 Pedro Galvao,
NPH Policy Director |
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