Policy & Legislation
Prop. 1C Innovative Financing Bill Moves Amid Controversy
Senator Dutton's SB 586 passed the Assembly Appropriations Committee on August 30, 2007, on an 11-0 vote. This bill appropriates Prop. 1C's $100 million for "innovative housing finance."
Controversy swirls around amendments being demanded by National CORE that would concentrate $25 million of land acquisition funds in the hands of one nonprofit entity and remove home affordability as a priority ranking criteria. Additionally, Nehemiah Corporation brought a last-minute request to the table for an open-ended $10 million homeownership pilot program, causing heartburn for legislators who want more input into the program guidelines and priorities.
Parties to the deal are working frantically to salvage the bill, with Maureen Higgins representing the Affordable Housing Collaborative. The bill's next stop is the Assembly Floor.
Contact Julie Snyder, (916) 447-0503 x 102 or .
