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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-23-18 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON TO <br />SUPPORT VETERANS AND AFFORDABLE HOUSING BOND ACT 2018 <br />WHEREAS, housing affordability is an urgent issue facing many communities in California, <br />where a majority of renters (3 million households) pay more than 30 percent of their income <br />toward rent and nearly one-third (over 1.5 million households) spend more than 50 percent of <br />their income on rent; and <br />WHEREAS, the housing crisis is a contributing factor to homelessness in our communities; <br />and <br />WHEREAS, California homeownership rates are at the lowest point since the 1940's; and <br />WHEREAS, recent housing production levels are about half of pre -recession levels <br />(roughly 200,000 per year) and are far short of the state's projected housing need for 180,000 <br />new homes per year; and <br />WHEREAS, the proceeds from the 2006 housing bond that helped create and preserve <br />affordable apartments, urban infill infrastructure, and single-family homes have been expended; <br />and <br />WHEREAS, even though federal funding for affordable housing comprises a significant <br />portion of California's resources to support affordable housing, federal spending has been on <br />the decline in recent years; and <br />WHEREAS, between 2003 and 2015, Community Development Block Grant (CDBG) and <br />HOME Funds allocated to California by the U.S. Department of Housing and Urban <br />Development (HUD) to produce affordable housing units have declined by 51 percent and 66 <br />percent respectively; and <br />WHEREAS, last year the Legislature passed and Governor Brown signed SB 3 (Beall), <br />which placed the $4 billion Veterans and Affordable Housing Bond Act on the November 6, <br />2018 general election ballot; and <br />WHEREAS, the Veterans and Affordable Housing Bond Act will provide funding to <br />support multifamily housing, higher density housing near transit, infill infrastructure, <br />farmworker housing, first-time home buyer assistance, and veteran home loans. <br />