As part of his January budget unveiling, Governor Gavin Newsom announced his goal to build 3.5 million homes by 2025. This goal addresses all types of housing, including workforce and affordable dwellings.
Achieving the Governor’s aggressive goal means getting investors, developers and local and state agencies to work together to construct 500,000 housing units per year. In support of this goal, Treasurer Ma conducted two separate statewide housing tours to hear from stakeholders on how California’s housing regulations could be revamped to better allocate limited development incentives.
Also, to better advance housing, the STO:
- Sold $101.71 million of Veterans general obligation bonds and $78.15 million of Veterans revenue bonds to help veterans achieve home ownership through below market interest rate loan products and assistance with down payment and closing costs.
- Financed 6,500 affordable housing units with low-income state and federal tax credits approved by the California Tax Credit Allocation Committee (CTCAC).
Creekside Apartments in Davis, Yolo County will provide 89 affordable units when completed. Bonds issued by the California Housing Finance Authority.
- Awarded $1.4 billion in tax-exempt private activity bond allocations through the California Debt Limit Allocation Committee (CDLAC). Of that, $1.25 billion was set aside for Qualified Residential Rental Projects, which financed a total of 5,302 rental units, 1,856 in new construction and 3,446 that will be rehabilitated. In addition, $90 million was set aside for single-family housing.
- Reserved more than $116 million in annual federal tax credits and $57 million in total state tax credits for 79 low-income housing tax credit projects approved by CTCAC.
