SACRAMENTO – The California Housing Consortium released the following statement from Executive Director Ray Pearl following the Legislature’s approval today of the 2019-20 state budget:
“Today’s budget vote is an enormous, positive step in the right direction toward supporting millions of Californians struggling to find affordable housing—and a hopeful sign of things to come as the state expands its efforts to address the housing crisis.
“We applaud the Legislature for approving a budget with unprecedented new commitments—totaling more than $2 billion—to affordable housing, local infrastructure, and homelessness programs.
“We are particularly pleased to see the budget includes a $500 million expansion of the state Low-Income Housing Tax Credit—one of the best tools available for financing construction of new affordable housing projects. CHC has sponsored tax credit legislation for the last four years, and we want to thank Assemblymember David Chiu, and many others whose strong leadership have made this a reality.
“While this year’s budget is certainly an important marker on this issue, it does not make these changes permanent, and we will continue working to ensure tax credit allocations are ongoing so they provide the financial certainty needed to produce affordable housing in every community.
“With rents only continuing to rise, California needs to find ways to produce at least 1.4 million more units to bring its affordable housing supply into balance with growing demand. This year’s budget shows state leaders understand this challenge and the tools we must use to address it. They have also demonstrated the political will to get the job done. CHC and our partners offer our congratulations on a historic step toward providing the affordable housing Californians desperately need.”