California legislators reach agreement to fund affordable housing from bond sales

California legislators have reached an agreement to provide a $4 billion funding infusion for affordable housing from bond sales.

Senate Bill 3 (Beall) proposes $4 billion in bonds for affordable housing, including $1 billion to extend the CalVet Home Loan Program, which is currently scheduled to expire in 2018.

“The housing crisis not only hurts millions of Californians trying to pay the rent or buy a home, it is a drain on our economy and a danger to our future,” assembly speaker Anthony Rendon (D-Lakewood) said in a statement. “The bond agreement we have reached provides badly needed funding to help Californians, including our veterans, find safe, affordable housing. We’ve said before: it shouldn’t cost an arm and a leg to put a roof over your head – and this agreement will make housing more affordable for many Californians.”

“We cannot continue to ignore California’s startling lack of affordable housing,” Senate leader Kevin de León (D-Los Angeles) said. “In too many of our cities, teachers, police officers, firefighters and service workers – the people we rely on every day to keep us safe, feed us and educate our kids – can’t even afford to live in the communities they serve. This agreement is not a fix-all, but the immediate $4 billion investment will bring down the cost of housing and prevent further harm to our economy and quality of life.”

SB 3 is expected to be taken up in the Senate and Assembly before the legislative session concludes on Sept. 15.

In every part of the state I travel, Californians talk about their deep concerns over housing costs. Learn about what we’re doing: pic.twitter.com/OxjVUwV61a

— Anthony Rendon (@Rendon63rd) August 27, 2017