California Governor Signs Legislation to Build More Housing, Faster

September 30th, 2022 by Editor

Earlier this week, California governor Gavin Newsom signed off on SB 6 and AB2011, which a statement from the governor’s office says will “streamline the housing approval process in California and create thousands of good paying jobs.”

In addition to signing the legislation, Governor Newsom also announced $1 billion in awards to 30 shovel-ready projects through the California Housing Accelerator – creating 2,755 new homes for Californians.

“California has made historic investments and taken unprecedented actions to tackle the state’s housing crisis over the past four years,” said Governor Newsom. “But we recognize there’s more work to do – this package of smart, much-needed legislation will help us build new homes while rebuilding the middle class. I’m thankful for the leadership of the Legislature for stepping up to meet this moment to help address the affordability crisis that stretches across the entire nation.”

The Governor also announced that the Department of Housing and Community Development is awarding $1.02 billion in funding for the second round of the California Housing Accelerator, providing funding to 30 shovel-ready projects whose financing has been stalled due to inabilities to obtain tax credits. These new awards will help get construction underway quickly for 2,755 new housing units throughout the state.

To date, $1.9 billion in funding for the California Housing Accelerator has been awarded, supporting a total of 57 projects to produce a total of 5,071 units. The governor’s office says the majority of these units will be for extremely low to very low-income households and unhoused residents, and will provide affordable homes for seniors, families, transitional-age youth, veterans, people with disabilities, essential workers and unhoused individuals.

Last year’s California Comeback Plan invested a historic $10.3 billion – by far the most ever invested in housing – into a comprehensive housing affordability strategy, while also implementing new laws and accountability measures. Building on these unprecedented efforts, this year’s budget invests an additional $3.3 billion for affordable housing production and homeownership opportunities.

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