Existing law establishes the Building Homes and Jobs Act for the purpose of establishing permanent, ongoing sources of funding dedicated to affordable housing development, and creates the Building Homes and Jobs Trust Fund within the State Treasury. Existing law requires, upon appropriation by the Legislature and except as provided, for moneys collected on and after January 1, 2019, that 20% of the moneys deposited in the fund be expended for affordable owner-occupied workforce housing, and 30% be made available to the Department of Housing and Community Development for specified purposes, including a continuous appropriation of 15% of those moneys to the California Housing Finance Agency for the purpose of creating mixed-income multifamily residential housing for lower to moderate-income households, as provided.
This bill, for moneys collected on and after January 1, 2019, would instead require that 20% of the moneys deposited in the fund be expended for affordable owner-occupied workforce housing or for local educational agencies to build low- to moderate-income workforce housing. The bill would reduce the continuous appropriation to the California Housing Finance Agency to 10% of the moneys deposited in the fund, and would require 5% of the moneys deposited in the fund, upon appropriation by the Legislature, to be made available to the Department of Housing and Community Development for a zero-interest revolving loan fund to pay for development and predevelopment costs incurred by local education agencies to build low- to moderate-income multifamily workforce housing.

Statutes affected:
SB 502: 50470 HSC, 50470.5 HSC
02/19/25 - Introduced: 50470 HSC, 50470.5 HSC