Last week, Assembly and Senate Budget Subcommittees met to deal with the Governor’s May Revise. Due to high estimates of Cap and Trade Revenues, both Assembly and Senate Expenditure Plans include $400 million for the Affordable Housing and Sustainable Communities Program, although the Senate version included intent language for there to be a focus on energy and water-efficient housing and a commitment to funding dedicated farmland.
The budget items related to RDA dissolution still remain open — many concerns have been raised by DOF’s attempt to lower the LAIF interest rate to 1-2%. In some cases, this can translate to several millions of dollars being lost to city’s remaining Low and Moderate Income Housing Funds. You can view CHC’s letter (RDA Dissolution Trailer Bill 2015) to the Budget Chairs online.