SACRAMENTO >> State Senate Governance and Finance Committee Chair Mike McGuire, co-author of the Senate’s Affordable Housing Bond, released the following statement after SB 3 — the $3 billion affordable housing bond, was approved in his committee this morning.
“We have an affordable and workforce housing crisis in California, and the state needs to step up and provide the resources and long term investments needed to get this housing built in communities big and small,” McGuire said. “This bond will help secure homeownership for thousands of California families and finance tens of thousands of units up and down the Golden State.”
As co-author, McGuire worked to ensure rural counties and small cities would benefit from these funds. $300 million will be set aside for rural counties to build affordable housing out of the $1.5 billion dollar multifamily housing program that exists in the bond.
Counties that have 150,000 residents or less will be able to apply for technical assistance grants relating to environmental review or engineering studies associated with the development of new affordable housing communities that are financed through the bond.
