A team of veteran developers has formed the Affordable Housing Political Action Committee in California.

"The Affordable Housing PAC's underlying mission is increasing the importance and visibility of affordable housing in California, primarily by supporting legislative and statewide candidates who actively support our industry," said Jack Gardner, one of the PAC founders and president and CEO of The John Stewart Co.

It is the first affordable housing-specific PAC in the state.

The formation of the PAC comes at a crucial time. Approximately 400 local redevelopment agencies were dissolved by the state last year, eliminating roughly $1 billion in annual affordable housing financing. This year, the industry is hoping to secure a permanent funding source through the proposed California Homes and Jobs Act, which is expected to call for a $75 recording fee on certain real estate transactions to raise funds for affordable housing.

Other developers behind the PAC are Geoff Brown, president of USA Properties Fund; James Silverwood, president and CEO of Affirmed Housing Group; Percival Vaz, CEO of AMCAL Multi-Housing; and Bill Witte, president of Related California.