Earlier this month Governor Newsom announced his May Budget Revise, which increases spending to account for California’s largest projected budget surplus. C.A.R., along with Habitat for Humanity and the California Building Industry Association, have requested that the State Budget prioritize funding policies and programs to increase homeownership opportunities. That request is contained in this letter which also includes other groups that have now joined this coalition.
Specifically, the letter requests that the budget be amended to:
- Ensure the new California Dream for All tax credit program also applies to new construction of owner-occupied units and to qualified non-profit developers building and providing interest-free loans to low- and moderate-income families.
- Provide $200 million for the CalHome program to increase development and acquisition rehabilitation of affordable homeownership projects
- Allocate 20% of the Governor’s proposed $9.3 billion in affordable rental housing funding to affordable owner-occupied workforce housing developments to provide long-term housing stability.