Bills will increase affordable housing funding and production
Sacramento, CA--Three bills authored by Assemblymember David Chiu (D-San Francisco) to address California’s housing crisis passed the Assembly Housing Committee today. The bills would create a Bay Area regional housing entity, fund affordable housing projects through tax increment financing, and boost affordable housing production across the state.
“Our housing crisis is dire and persistent, and our state must be just as aggressive and persistent in order to solve it,” said Assemblymember Chiu. “These bills will increase scarce affordable housing funding and stretch those dollars further to help as many Californians as possible.”
The three bills that advanced today include:
Assembly Bill 1487 would address the housing crisis through a regional approach by creating a Bay Area regional housing entity. The bill would establish the Housing Alliance for the Bay Area (HABA), allow the body to place funding measures on a regional ballot, and provide critical funding for affordable housing projects across the Bay Area. The Non-Profit Housing Association of Northern California (NPH) and Enterprise Community Partners are sponsoring AB 1487.
Assembly Bill 11 would allow cities and counties to create agencies that would use tax increment financing to fund affordable housing and infrastructure projects. This bill takes a similar approach to the tax increment financing structure used by the former redevelopment agencies (RDAs) but puts strong oversight requirements in place and establishes a new focus on affordable housing production.
Assembly Bill 1763 would boost affordable housing production in California and spend affordable housing funding more efficiently. The bill allows for taller and denser affordable housing developments on 100 percent affordable projects through the creation of an enhanced affordable housing density bonus. The California Housing Consortium (CHC) is sponsoring AB 1763.
All three bills will now move on to the Assembly Local Government Committee.