Proposed Bill No. 408 aims to allocate a total of $3.35 billion from the General Fund to the Department of Housing over the next five fiscal years, concluding on June 30, 2030. The funding is designated for various affordable and supportive housing initiatives, which include $520 million for the development of affordable housing, $1.3 billion for capital improvements in state-aided public housing units (with specific allocations of $100 million for decarbonization projects and $10 million for accessibility upgrades), and $180 million for the creation and rehabilitation of climate-resilient affordable housing. This encompasses projects such as converting vacant commercial spaces into residential units, supporting transit-oriented housing, and developing modular and social housing.

The bill emphasizes the importance of investing in affordable and supportive housing to address housing needs and improve living conditions for residents. The proposed funding structure reflects a comprehensive approach to enhancing the state's housing infrastructure while also prioritizing sustainability and accessibility.