Senator Steinberg Announces Proposal Directing 20% of Cap and Trade Revenue to Fund Affordable Housing Near Transit

Today, CHC and Housing California participated in a press conference held by Senator Darrell Steinberg to release his long-term investment strategy for revenues generated by California’s Cap-and-Trade program. His proposal included 20 percent of Cap-and-Trade revenues directed to the development of affordable homes near transit.

In a joint statement issued by CHC and Housing California, Executive Directors Shamus Roller and Ray Pearl said, “California’s . . . housing community applauds Senate President pro Tem Steinberg for prioritizing much-needed commitment to state investment in developing affordable homes that create jobs while helping our state meet its goals to reduce greenhouse gas emissions through AB 32.”

Support for this proposal is important, as these funds would serve as a critical piece of a comprehensive solution, including SB 391, that addresses the varied housing needs around the state. We look forward to working with Senator Steinberg and the legislature to make sure this proposal passes and becomes law.

Learn more about the role affordable, transit-oriented development has in reducing greenhouse gas emissions in this succinct, 4-page white paper Why Cap-and-Trade Auction Proceeds Should Fund Affordable Homes near Transit.