Earlier this year, we reported on a new bill that would support affordable housing for families, seniors, veterans, people with disabilities, and people experiencing homelessness. This bill, known as the California Homes and Jobs Act of 2013 or Senate Bill 391, is progressing through the legislative process. It has already passed the Senate, and will now be considered by Assembly policy committees.
As a refresher, this legislation seeks to generate $500 million annually for state investment in affordable housing development. The new funds are derived from a $75 document recording fee attached to real estate transactions (home sales are exempt), and it is estimated that funded projects would ultimately result in 29,000 new jobs annually.
The California Homes and Jobs Act will be heard by both the Assembly Housing and Community Development Committee and the Labor and Employment Committee sometime during the week of August 12th.
To learn more about the campaign and this legislation, go to: www.californiahomesandjobsact.org.