Today, Senator Mark DeSaulnier and President pro Tem of the Senate Darrell Steinberg, along with principal co-author Assemblymember Toni Atkins, introduced the Housing Opportunity and Market Stabilization (HOMeS) Act (SB 1220) with the goal of creating a permanent funding source for affordable homes in California. SB 1220 is co-sponsored by the California Housing Consortium and Housing California.
“In this difficult state fiscal environment, we thank Senator DeSaulnier for introducing this important bill that begins to address the perfect storm impacting funding for affordable housing in California,” said Ray Pearl, executive director of the California Housing Consortium. “This bill goes a long way towards reestablishing an important public-private partnership.”
The HOMeS Act will support the development, acquisition, rehabilitation, and preservation of affordable homes for Californians on fixed incomes and modest budgets, including emergency shelters, transitional and permanent rental housing, foreclosure mitigation, and homeownership opportunities. The bill would generate an average of $700 million per year, through a $75 document recording fee on real estate transactions, to create housing affordable to hardworking families, put construction workers back on the job, and boost California’s economy by creating millions of dollars in new economic activity