The California Legislature approved reinstating a program that pumped hundreds of millions of dollars a year into affordable housing and economic development.
into affordable housing and economic development that had been eliminated during the state’s budget crisis eight years ago. But it’s uncertain if Gov. Gavin Newsom will sign off on the plan.
“We hope that it’ll create a dynamic that will facilitate us from where we are now with no ongoing program that funds affordable housing, community reinvestment,” Beall said in an interview after the bill cleared the state Senate Wednesday night. “We haven’t had it in eight years. Now we do have it.”
Beall said that SB 5 addresses those past problems, in part by having greater state oversight of the spending.
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