Gordon Bill on Affordable Housing Passes Through Committee

On Wednesday, a bill increasing access to available funds from the Local Housing Trust Fund (LTHF) passed out of the Assembly Housing and Community Development Committee.  

Authored by Assemblyman Rich Gordon (Menlo Park), AB 532 would allow existing local housing trusts throughout California to access existing funds to support, construct, and preserve affordable housing.

In 2006, California voters passed Proposition 1C, which provided over $2 billion in bonds for the development of affordable and emergency housing in the state.  A portion of these revenues fund the local housing trust fund program, which support local affordable housing needs by providing matching grants to local, non-profit housing trusts.

As of January 2013, $8.8 million of Prop 1C monies remained available for newly established LTHFs. These funds are scheduled to transfer into the CalHOME Program in November of 2013, if not expended by that date. 

AB 532 would ensure these funds do not expire, and can continue to be utilized in California communities by existing housing trusts throughout the state.

“The recession and the elimination of Redevelopment Agencies have only exacerbated concerns over access to affordable housing throughout our state,” said Gordon, one of the founders of the Housing Endowment and Regional Trust (HEART) of San Mateo County.  “Maximizing and leveraging existing funds to meet housing needs across the state will help ensure housing is available to thousands of Californians.”

Locally, the Housing Trust of Silicon Valley and HEART of San Mateo County have successfully leveraged millions of private sector dollars to produce hundreds of affordable housing units and support working Santa Clara and San Mateo County families. LHTF funds, with the help of $5 million in matching grants from private investors - such as Genentech, have resulted in over 380 low-income housing units and provided assistance to first time home buyers in both counties.

“On behalf of Housing Trust Silicon Valley, we thank Assemblymember Rich Gordon for his leadership on this issue, and the Assembly Committee on Housing and Community Development for their unanimous support of this bill,” said Kevin Zwick, Executive Director of the Housing Trust of Silicon Valley. “Housing Trust Funds leverage public dollars from the state with new local funds, federal funds, and private contributions to increase the overall amount of funds for affordable housing, which is extremely critical in this time of reduced resources.”

Passing through the Housing and Community Development Committee unanimously on a 7-0 vote, AB 532 now heads to the Assembly Appropriations Committee. 

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