California REALTORS® vote to support $1.3 billion affordable housing proposal
LOS ANGELES – (RealEstateRama) — The Board of Directors of the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) voted last Friday to support a $1.3 billion proposal by California Assembly members to create affordable housing programs.
“With a historically low homeownership rate of 54 percent and record high rental costs, the dream of owning a home in California is evaporating. Our teachers, nurses, firefighters, police officers, and other middle class workers should be able to afford to live in the communities they serve,” said C.A.R. President Pat “Ziggy” Zicarelli. “C.A.R. recognizes the urgency of California’s housing crisis and is fully supporting the proposal by the Assembly Housing and Community Development Committee to invest a portion of our state’s budget surplus to address this housing crisis.”
C.A.R. formed an Affordable Workforce Housing Task Force in August 2015 to examine existing policies in California designed to expand the availability of “affordable housing” and to make recommendations to increase the availability of affordable work force housing in California.
This budget proposal includes:
• $400 million for homeownership and rental housing opportunities – $200 million for a new workforce housing grant program to provide funding for down payment assistance, homeownership assistance and rental housing for individuals making 120 percent of the area median income; $200 million for the CalHome Program which provides grants and loans to local governments and non-profit organizations for rehabilitation of existing homes, mortgage assistance, acquisition, site development, and pre-development/construction of homes.
• $60 million for seismic retrofits of soft-story homes. Personal income tax credits for 30 percent of qualified cost incurred for a seismic retrofit.
• $75 million for farmworker housing: $50 million to finance the construction, rehabilitation, and acquisition of owner-occupied and rental units for ag workers; $25 million for the construction, rehabilitation, and acquisition of rental housing for farmworkers and their families who make up to 60 percent of the area median income.
• $500 million for the rental housing for lower income working families – $300 million in low income housing tax credits to enable private developers to create more than 3,000 homes and leverage $300 million in federal tax credits and $600 million of federal tax exempt bonds, which would otherwise go unclaimed; $200 million to fund the construction, rehabilitation, and acquisition of 5,700 multifamily rental homes, serving 62,500 families and individuals at 60 percent of the area median income or below.
• $300 million for shelter programs – $200 million for multifamily supportive housing; $60 million for the Medi-Cal Housing Program to provide rental assistance for people who are homeless and enrolled in Medi-Cal; and, $40 million to assist persons at risk of becoming homeless with homeless prevention assistance and rapid rehousing.
Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
