Good News for Housing in California

Governor Jerry Brown signed a number of bills this weekend that will enhance the ability of the Department of Housing and Community Development (HCD) to provide housing in California.

 These bills make an additional $80 million in funding available, allow for the preservation of existing housing stock, and update several of the Department’s programs. They serve as a reminder that HCD, and the State of California, continue to have a dynamic role to play in ensuring greater housing opportunities throughout our state. 

Department staff will begin work shortly to obtain input from stakeholders on any program changes and the timing for the availability of the funds. HCD will be releasing a list of upcoming notices of funding availability, and their tentative release dates, in the coming weeks.

Summary of Bills:

Assembly Bill 1951 (Atkins) – Signed into Law. This bill realigns $30 million of monies generated from Prop 1C into the Multifamily Housing Program.

Assembly Bill 1585 (Pérez) – Signed into Law. AB 1585 re-appropriates $50 million of bond revenues to from monies derived from Prop 1C for Infrastructure-Infill Grants and TOD programs. The bill also allows HCD to issue new NOFAs, if any past allocations are returned to the Department within a limited period of time.

Assembly Bill 1672 (Torres) – Signed into Law. This item of legislation updates funding priorities and criteria for the Housing-Related Parks Program, with the intent to speed the disbursement of funds to local communities.

Assembly Bill 1699 (Torres) – Signed into Law. This bill authorizes HCD to restructure loans for older projects funded by the Department. Restructuring activities can allow HCD to extend an existing Department loan, subordinate a loan to new debt, and authorize new investment to recapitalize existing projects.