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Press Contact: Mike Roth
916-444-7170, mike@paschalroth.com

Affordable housing advocates welcome Governor Newsom’s ongoing commitment to lower-income households in the May Revise—and for recognizing the critical role affordable housing development can play in California’s economic recovery

Governor’s revised budget maintains state investments in preservation, production of affordable housing—continuing the state’s essential tax credit, bond, and other funding programs

SACRAMENTO – The California Housing Consortium released the following statement today from Executive Director Ray Pearl in response to Governor Gavin Newsom’s May Revise, which includes affordable housing in its top priority investments for encouraging the state’s economic recovery.

The Governor’s budget proposes maintaining key funding programs for the preservation and production of affordable housing, including the recent $500 million expansion of the state Low Income Housing Tax Credit program, the real estate transaction fee created in 2017 through SB 2 (Atkins), ongoing funding for infill housing through cap and trade auctions, and $4 billion in Proposition 1 bonds for veterans and affordable housing programs.

“We applaud Governor Newsom’s ongoing commitment to supporting lower-income households bearing the brunt of the impacts of the COVID-19 emergency—and for recognizing the essential role affordable housing can play in keeping people safe and healthy during this crisis, while also powering California’s economic recovery.”

“The May Revise continues to invest in some of the state’s most successful and essential funding programs for the preservation and production of affordable housing, including the newly expanded Low Income Housing Tax Credit—one of the best financing tools we have for building much-needed affordable housing.”

“California faced daunting affordable housing challenges before the COVID-19 crisis and will face many of these same challenges once this emergency has passed. Affordable housing development provides well-paying jobs and critical housing opportunities for Californians struggling the most—and is uniquely positioned to play a vital role in supporting the state’s economic recovery.”

“We urge the Legislature to adopt the Governor’s proposed investments in the final budget to maintain and expand access to the affordable housing Californians need.”

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