Affordable housing supporters in California will try again.
They have launched a new campaign to establish a permanent funding source to help finance the development of affordable homes. They will put their efforts behind the forthcoming California Homes and Jobs Act of 2013, which seeks to raise approximately $500 million a year for affordable housing.
The move comes after a similar proposal died in the state Senate when the Housing Opportunity and Market Stabilization (HOMeS) Act fell short by two votes this year. Developers and advocates have long wanted a dedicated revenue source, and their desires have intensified with the elimination of nearly 400 local redevelopment agencies that provided about $1 billion for affordable housing each year.
Like the HOMeS Act, the new bill is expected to propose a $75 fee on the recording of real estate documents, excluding home sales.
The campaign will emphasize the need for affordable housing and show how the bill will help create 29,000 construction and other jobs each year. Housing California and the California Housing Consortium are co-sponsors.
For more information, visit www.californiahomesandjobsact.org.