Title
Approve City Council Letter in Support of SB 3 (Beall) Affordable Housing Bond Act of 2018
Summary
The League of California Cities recommends that cities send letters in support of SB 3 regarding Affordable Housing Bond Act of 2018, stating:
ACTION REQUESTED: Please send your CITY LETTER of SUPPORT for SB 3 as soon as possible. A hearing date has not been set for SB 3 as of this date; however, it will be heard in the Senate Transportation and Housing Committee. Senator McGuire sits on the Senate Transportation and Housing committee and he needs to hear from his cities. Sample letter is attached or you may use the ’Leagues Take Action Center
to submit a letter online.
SB 3 (Beall) Affordable Housing Bond Act of 2018:
Background:
SB 3, the Affordable Housing Bond Act of 2018, would authorize a $3 billion general obligation bond to fund affordable housing programs and infill infrastructure projects.
Many factors have contributed to the lack of supply and the high cost of housing statewide, especially in coastal regions where the technology sector has experienced booming high-wage job growth. A major contributor to the problem has been the elimination of redevelopment agencies, which resulted in an annual loss of $1 billion for affordable housing.
Proceeds from the last state housing bond, passed a decade ago, have been expended, and other state and federal funding sources, except for modest amounts of tax credits, have slowly eroded or have been discontinued. In fact, federal investments in critical housing programs have been slashed 50-77% from 2005 to 2015.
The lack of construction in the private housing market has resulted in increasing rents and home prices well above the national average, while also playing a role in the state’s homeless population climbing to 116,000 after years of progress. SB 3 would help mitigate these problems by infusing $3 billion into the affordable housing market.
Talking Points:...
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