2002 AGN OCT 15 I12 - Laserfiche WebLink

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To address California's dire need for affordable housing, a coalition of senior organizations, business groups, labor unions, nonprofit housing and homeless advocates, developers, educators, local governments and numerous charitable organizations have joined together to support Proposition 46, the Housing and Emergency Shelter Trust Fund Act of 2002 on the November ballot. What does the Housing & Emergency Shelter Trust Fund Act do? Finances $2.1 billion in affordable housing construction through a state bond: • $910 million for rental housing for low-income seniors, disabled persons, and families with children. • $495 million for homeownership programs, including sweat equity housing and down payment assistance for low and moderate -income families. • $390 million for emergency shelters and permanent housing with support services for homeless seniors, battered women, mentally ill people and veterans. • $200 million for farm worker housing (rental and ownership). • $100 million for incentives for local governments to approve housing developments. • $5 million for local code enforcement to revitalize neighborhoods. Why is this measure needed? To address California's growing housing crisis, housing construction must increase significantly to meet the demands of a growing population. The biggest gap in production is in affordable housing for lower income working families. As a result: • Over 360,000 Californians are homeless, according to the Department of Housing and Community Development. The most rapidly increasing segments of the homeless population are seniors and families with children. • One-third of all renters, half of all low-income renters, and three-fourths of all very low income renters spend more than 50% of their income for housing. (30% is considered "affordable.") • Only 29% of Californians can afford the median priced home in the state, compared to 55% nationally. How will passage of this measure address California's housing crisis? • By creating up to 22,000 permanently -affordable rental units • By enabling more than 65,000 California families to purchase their own house • By providing housing assistance for 12,000 to 24,000 farm worker families • By creating 20 million shelter bed days for homeless people Where is the focal accountability? The measure includes provisions to ensure proper administration of the bond proceeds at both the state and local levels: • Bureau of State Audits will conduct audits to ensure that bond proceeds are awarded in a timely fashion and in compliance with the provisions set forth in the bond measure. • Oversight of administering the money to local community development agencies and nonprofit agencies by the Department of Housing and Community Development, with policing authority by the Bureau of State Audits. What other benefits will Proposition 46 generate for California? • New Investment: At least $13 billion in private investment and federal funds • Jobs: Approximately 276,002 full time jobs and $9.38 billion in wages • Sgtnding: $42 billion in spending for home -related goods and services