“Lack of affordable housing is not only pushing Californians out of the communities in which they work and have family roots, but is now threatening the vitality of our economy. While today’s action represents a sizeable amount of development, it represents only a small part of the total solution needed for this problem,” Chiang said. “That is why I am delighted to have joined with Speaker Toni Atkins and others to pursue legislation that will expand affordable housing incentives and help to address the supply side of this problem.”
The Treasurer also announced that funding will be available for a first-time homebuyer program in Orange County. That program will help approximately 146 families by reducing their federal tax liabilities and thereby increasing their purchasing power. The funding is provided by issuing tax-exempt bonds, which are then converted to tax credits for individual families.
Currently, more than 34 percent of working renters pay more than 50 percent of their income toward housing, and the State Department of Housing and Community Development estimates that California needs to build 220,000 new homes a year to keep up with population growth.
The Treasurer chairs two of the State’s main housing finance authorities, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. Both committees held meetings earlier today, where the credits were approved for the following developments:
|Northgate Terrace Apartments||Oakland||Alameda|
|Stoneman Village Apartments||Pittsburg||Contra Costa|
|Amberwood Apartments I & II||Hanford||Kings|
|Leaster Apartments||Los Angeles||Los Angeles|
|Anton Portola Apartments||Irvine||Orange|
|Anton Arcade Apartments||Sacramento||Sacramento|
|The Crossings at Escondido Manor Apartments||Escondido||San Diego|
|Betel Apartments||San Francisco||San Francisco|
|Block 7W Mission Bay South Apartments||San Francisco||San Francisco|
|Edgewater Isle Apartments||San Mateo||San Mateo|
|Ocean View Senior Apartments||Pacifica||San Mateo|
|6800 Mission Family Housing Apartments||Daly City||San Mateo|
|Butterfield Retirement Apartments||Morgan Hill||Santa Clara|
|Madrone Village Apartments||Petaluma||Sonoma|
|Park Lane Apartments||Petaluma||Sonoma|
|Johnson Gardens Apartments||Ventura||Ventura|
Earlier this year, Treasurer Chiang started a six-month engagement with housing leaders and key stakeholders regarding California’s growing affordable housing crisis. He and his office have begun meeting with local government officials, developers, financing experts, federal and state housing officials. They also plan to meet with leaders of the state’s high tech and life sciences industries and other business sectors which have been particularly impacted by California’s affordable housing shortage.
Read this press release in Spanish.
Contact: Jacob Roper