Sacramento, CA – Senator Mike McGuire – one of the lead authors of the Senate’s affordable housing bond – is pushing hard in the last few weeks of the legislative year to get the bill to Governor Brown for potential signature.
Just this week, the bond was expanded by one billion dollars to focus on housing for veterans along with traditional affordable housing stock.
“This $4 billion bond will provide desperately needed funds for local communities to build affordable housing which will help build a stronger middle class here on the North Coast and across California. We know more money will be needed in the years to come, but this investment will build thousands of units up and down this great state. We’re grateful to be working with Senator Beall on this important issue,” Senator McGuire said.
Senate Bill 3 proposes $4 billion in bonds for affordable housing, including $1 billion to extend the CalVet Home Loan Program, which funds veterans housing in the Golden State and is currently scheduled to expire in 2018.
The landmark bill includes funding dedicated for multi-family housing, transit-oriented housing, farmworker housing and incentive programs and will fund technical assistance for rural small counties and cities.
As a lead author, McGuire fought to ensure rural counties and small cities would benefit from these funds. $300 million will be set aside for rural counties to build affordable housing out of the $1.5 billion dollar multifamily housing program that exists in the bond. Twelve, $30,000 grants will be available per year and will be set aside for counties or cities that have 150,000 residents or less to apply for technical assistance grants relating to environmental review or engineering studies associated with the development of new affordable housing communities that are financed through the bond.
“This bill will secure home ownership for thousands of California residents and will dedicate tens of millions for affordable housing in the communities that are the heart of Northern California,” Senator McGuire said. “While there is greater need for housing than funds available in this bond, Senate Bill 3 will help put a significant dent in our housing crisis and the North Coast will benefit greatly by this investment.”
SB 3 is expected to be taken up in the Senate and Assembly prior to the end of the legislative session on September 15. If passed by the Legislature, the bill will be sent to the Governor for signature.