California is facing its greatest housing crisis ever. Rising housing costs and underproduction of affordable housing have combined to result in overcrowding, long commutes, and extremely high housing costs. Families today must earn 175 percent of the state median income to afford a median-priced home.
California’s voters have recognized the need for revenue to support affordable housing development. Proposition 46, the $2.1 billion affordable housing bond passed in 2002, is projected to assist more than 40,000 families in homeownership, create more than 40,000 new affordable rental units, and add 276,000 jobs to the economy. That bond money will be exhausted by 2007, even as housing need continues to grow in the state. A state housing trust fund with a dedicated revenue source would help stabilize housing production, creating housing options for a wide range of people.
This report, commissioned by Housing California, provides analyses of possible revenue sources, surveys housing trust funds in 28 other states, and draws from best practices across the nation to provide a blueprint for California.
Click
on the links below to read the report or executive summary.
(requires Adobe Acrobat Reader - available free at http://www.adobe.com
)
Full Report (40 Pages - 1.5 mb ... download time approx. 30 sec. over 56k connection)
Executive
Summary (4 Pages - 1mb ... download time approx. 20 sec.
over 56k connection)