Legislature and Governor Reach Budget Deal--But Housing Package Remains to Be Worked Out
Gov. Jerry Brown and the Legislature have reached agreement on a budget for the coming fiscal year. The budget will be voted on early next week to meet the June 15 deadline. Talks continue, meanwhile, on ways to increase housing affordability and fund programs paid for out of the state's cap-and-trade program.
In conference committee last night, $400 million was set aside for affordable housing (programs not specified), contingent upon enactment of a "by right" proposal. Additional actions included:
- Approval of the "No Place Like Home" proposal, including an additional $45 million in one-time general funding (like to be allocated for the Emergency Solutions Grant (ESG) Program)
- Approval of language from SB 873 (Beall), to make the state credit certificated and to remove the sunset for bifurcation
Conference committee also voted to defer discussions on discretionary cap and trade spending until later this year. The remaining 60% cap and trade revenues are continuously appropriated and not subject to this deferral--this includes the $400 million for the Affordable Housing and Sustainable Communities Program.
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California Housing Consortium
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