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SB 5 - Establishes the Affordable Housing and Community Development Investment Program - California Key Vote

Stage Details

Title: Establishes the Affordable Housing and Community Development Investment Program

Title: Establishes the Affordable Housing and Community Development Investment Program

See How Your Politicians Voted

Title: Establishes the Affordable Housing and Community Development Investment Program

Vote Smart's Synopsis:

Vote to pass with amendment a bill that establishes the Affordable Housing and Community Development Investment Program to incentivize solutions to California's housing shortage.

Highlights:

 

  • Establishes the Affordable Housing and Community Development Investment Program to create a local-state partnership to reduce poverty and advance other state priorities financed in part by property tax increment (Sec. 3).

  • Specifies that funding allocated to the program will be used to support a plan that includes affordable housing, and eligible uses of this funding including (Sec. 3):

    • Predevelopment, development, acquisition, rehabilitation, and preservation of affordable housing for households earning under 120 percent of area median income;

    • Transit-oriented development for the purpose of developing or facilitating the development of higher density uses within close proximity to transit stations that will increase public transit ridership and contribute to the reduction of vehicle miles traveled and greenhouse gas emissions; 

    • Infill development to assist in the new construction and rehabilitation of infrastructure that supports high-density, affordable, and mixed-income housing in locations designed as infill, including but not limited to:

      • Park creation, development, or rehabilitation to encourage infill development;

      • Water, sewer, or other public infrastructure costs associated with infill development;

      • Transportation improvements related to infill development projects; and 

      • Traffic mitigation.

    • Promoting strong neighborhoods through the support of local community planning and engagement efforts to revitalize and restore neighborhoods;

    • Protecting communities dealing with the effects of climate change including, but not limited to, sea level rise, wildfires, and flood protection; and 

    • The acquisition, construction, or rehabilitation of land or property.

  • Requires the Director of Finance to adjust the “percentage of General Fund revenues appropriated for school districts and community college districts” to ensure that transfers from a county’s Educational Revenue Augmentation Fund (ERAF) will have no net fiscal impact upon the total amount of General Fund revenue and local property tax revenue to school districts and community college district (Sec. 2).

  • Requires that at least 12 percent of the overall funding for the program to be set aside for counties with populations of less than 200,000, and of this amount 2 percent will be set aside to provide technical assistance for counties with populations of less than 200,000 (Sec. 3).

  • Establishes an annual cap on the total affordable housing and community development investment amount that may be approved to be allocated by the Affordable Housing and Community Development Investment Committee as follows (Sec. 1):

    • Not to exceed $200 million annually between July 1, 2021, and June 30, 2026; and

    • Not to exceed $250 million annually between July 1, 2026, and June 30, 2010. 

  • Specifies that a project approved under this program will be considered a public work and therefore subject to certain requirements, regardless of whether an exemption under the Labor Code applied to the project (Sec. 3).

  • Specifies that the approval pursuant to the program on the following privately-owned projects will not make projects public works if the project would not otherwise be considered a public work (Sec. 3):

    • Construction or rehabilitation of a self-help housing project of 10 or fewer units in which no fewer than 500 hours of construction work associated with the homes are to be performed by the home buyers; and 

    • A rehabilitation project for which the only financial support provided by the program is financial assistance to the household.

  • Requires the auditor to continue to transfer money from the county’s ERAF pursuant to the program under this act in an amount that allows for payment of the following obligations (Sec. 3):

    • Bonds, notes, interim certificates, debentures, or other obligations issued by the agency; 

    • Loans or money advanced to the agency, including loans from federal, state, or local agencies, or a private entity; and

    • Contractual obligations that, if breached, could subject the applicant to damaged or other liabilities.

  • Specifies that if the auditor continues to transfer money from the county’s ERAF, the applicant must continue to provide matching resources but is prohibited from entering into any new debts, loans, or obligations related to the plan unless approved by the committee (Sec. 3).

See How Your Politicians Voted

Title: Establishes the Affordable Housing and Community Development Investment Program

Vote Smart's Synopsis:

Vote to pass a bill that establishes the Affordable Housing and Community Development Investment Program to incentivize solutions to California's housing shortage.

Highlights:

 

  • Establishes the Affordable Housing and Community Development Investment Program to create a local-state partnership to reduce poverty and advance other state priorities financed in part by property tax increment (Sec. 3).

  • Specifies that funding allocated to the program will be used to support a plan that includes affordable housing, and eligible uses of this funding including (Sec. 3):

    • Predevelopment, development, acquisition, rehabilitation, and preservation of affordable housing for households earning under 120 percent of area median income;

    • Transit-oriented development for the purpose of developing or facilitating the development of higher density uses within close proximity to transit stations that will increase public transit ridership and contribute to the reduction of vehicle miles traveled and greenhouse gas emissions; 

    • Infill development to assist in the new construction and rehabilitation of infrastructure that supports high-density, affordable, and mixed-income housing in locations designed as infill, including but not limited to:

      • Park creation, development, or rehabilitation to encourage infill development;

      • Water, sewer, or other public infrastructure costs associated with infill development;

      • Transportation improvements related to infill development projects; and 

      • Traffic mitigation.

    • Promoting strong neighborhoods through the support of local community planning and engagement efforts to revitalize and restore neighborhoods;

    • Protecting communities dealing with the effects of climate change including, but not limited to, sea level rise, wildfires, and flood protection; and 

    • The acquisition, construction, or rehabilitation of land or property.

  • Requires the Director of Finance to adjust the “percentage of General Fund revenues appropriated for school districts and community college districts” to ensure that transfers from a county’s Educational Revenue Augmentation Fund will have no net fiscal impact upon the total amount of General Fund revenue and local property tax revenue to school districts and community college district (Sec. 2).

  • Requires that at least 12 percent of the overall funding for the program to be set aside for counties with populations of less than 200,000, and of this amount 2 percent will be set aside to provide technical assistance for counties with populations of less than 200,000 (Sec. 3).

  • Establishes an annual cap on the total affordable housing and community development investment amount that may be approved to be allocated by the Affordable Housing and Community Development Investment Committee as follows (Sec. 1):

    • Not to exceed $200 million annually between July 1, 2021, and June 30, 2026; and

    • Not to exceed $250 million annually between July 1, 2026, and June 30, 2010. 

Title: Establishes the Affordable Housing and Community Development Investment Program

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