The Assembly passed six housing-related bills late Thursday night, including two that would raise money for the construction of below-market-rate housing. The Senate gave final approval Friday and sent them on to Gov. Jerry Brown, who has until Oct. 15 to sign or veto bills.
Senate Bill 2: Would create a permanent source of funding for affordable housing, imposing fees of up to $225 on certain real-estate transactions, such as mortgage refinancing. (Home and commercial real estate purchases would not be subject to the fee.) It would collect $1.2 billion over the next five years — and would raise a total of $5.8 billion during that time, including federal, local and private matching funds, according to committee estimates.
Senate Bill 3: Would place a $4 billion statewide housing bond on a future ballot. Like SB 2, it would pay for existing affordable-housing programs in California that used to be supported by funds from the state’s Redevelopment Agency, a giant source of money that was slashed during the Great Recession and never replaced. If the bond measure passes and is approved by voters, $1 billion of the total would go to extend the CalVet Home Loan Program, which is scheduled to expire in 2018.
Senate Bill 35: Would try to tackle the state’s housing-supply shortage. Currently, cities are told every eight years how many units they need to add to meet their share of regional demand — but they are not required to see that they are built. This bill would make it harder to ignore those goals. It targets cities that fall short, requiring them to approve more housing developments…
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