California Governor Jerry Brown recently signed several bills into law, all of which will have a significant impact on the multifamily housing development industry. The Southern California Association of Nonprofit Developers (SCANPH) estimates that these approved measures could provide up to $80 million in funding for housing-related development.
AB 1124, authored by Assemblymember Nancy Skinner (D-Berkeley), enables renters and landlords to be eligible for repair and replacement of furnaces and hot water heaters under California utilities’ energy efficiency programs.
AB 1532, authored by John Pérez (D-Los Angeles), and SB 535, authored by Kevin de León (D-Los Angeles) requires at least 25 percent of the Cap and Trade auction revenues which are distributed to the Greenhouse Gas Reduction Fund to be allocated to benefit disadvantaged communities and establish sustainable transportation and housing as one of six funding categories.
AB 1585, authored by John Pérez (D-Los Angeles), allows the California State Department of Housing and Community Development to award $50 million in infill and transit-oriented development funding.
AB 1699, authored by Norma Torres (D-Poloma), authorizes the California State Department of Housing and Community Development to extend the term of an existing department loan, subordinate a department loan to new debt, authorize an investment of tax credit equity under certain rental housing finance programs, and to charge a fee to cover its costs related to extending the term of a loan or for processing the restructuring of a loan. The bill would also make changes with regard to existing rent subsidies and rents under existing department housing programs.
AB 1951, authored by Toni Atkins (D-San Diego) allocates $30 million from unused Proposition 1C Practitioner Funds to the Multifamily Housing Program and other housing funds.