California 2021-2022 Budget Includes $5 Billion for Affordable Housing

Governor Gavin Newsom (D) recently approved California’s 2021-2022 budget, which includes the following investments in affordable housing:  

  • $1.75 billion for construction of thousands of new affordable homes that are held up in the state pipeline awaiting allocations of scarce federal tax-exempt private activity bonds; 
  • $1.45 billion in FY 2021/22 and $1.3 billion in FY 2022/23 for Homekey to acquire hotels, motels and other properties to provide housing for individuals and families who are experiencing homelessness or who are at risk of homelessness;  
  • $500 million in additional Sstate LIHTCslow-income housing tax credits; 
  • $500 million for the creation of a Foreclosure Intervention Housing Preservation Program;  
  • $300 million for the preservation of existing affordable homes; 
  • $250 million for the Infill Infrastructure Grant Program;  
  • $50 million for the Joe Serna, Jr. Farmworker Housing Grant Program;  
  • $45 million for the Mixed-Income Program;  
  • $50 million for the Golden State Acquisition Fund;  
  • $45 million to develop state excess sites with affordable housing; 
  • $20 million for the San Gabriel Valley Regional Housing Trust; and  
  • $20 million for the Bay Area Housing Finance Authority.