CHC Urges Action on PMIB Freeze

The Pooled Money Investment Board (PMIB) will be meeting in Sacramento on Wednesday, February 18, 2009 from 10:00 a.m. to 2:00 pm at 1500 11th Street, 1st Floor Auditorium.  At about 9:30 am, the affordable housing contingency will gather outside the auditorium to coordinate. The PMIB has as its members State Treasurer Bill Lockyer, State Controller John Chiang, and Director of Finance Michael Genest.  PMIB will be discussing funding of stalled infrastructure projects, including more than 600 affordable housing developments throughout the State.  If you can, PLEASE PLAN ON ATTENDING THE MEETING IN SACRAMENTO.

It is important for developers and advocates alike to emphasize the critical situation affordable housing developments find themselves throughout the State.  No affordable housing developments are currently included on the list of projects the Department of Finance intends to fund out of the $651 million approved by the PMIB in January.  The treasurer’s staff has indicated that $130 million of the $651 million is to pay for State agency administrative costs.  The remainder is for already completed work on public works projects that the State has signed contracts.  Until we have an approved State budget, additional funds are likely not to be available.  However, once a budget is passed the PMIB will still need to prioritize projects for funding of which the backlog is huge and the market for State bonds is at best weak.  This is why affordable housing needs its voice heard at this time!  Also, the treasurer’s office is looking for innovative ways to get money to projects even if bonds can’t be sold in the private market.

Finally, if you have a project or projects that are “frozen”, please contact us immediately at info@calhsng.org. Thank you for your continued interest and support of affordable housing.  Let us know if you PLAN ON ATTENDING THE MEETING IN SACRAMENTO.  Please download the attachment to view the PMIB agenda for the February 18 meeting and follow this link to read a brief report entitled the PMIB Freeze: Lost Homes, Lost Jobs!!!!! compiled by the Affordable Housing Collaborative, which CHC is a member.