By Meghan Hall, The Registry
May 31, 2019
Discussions regarding affordable housing have been occurring since the 1960s and 70s, as communities have grappled with the state’s rapid growth. However, those conversations have changed little when it comes to the various types of affordable housing that developers and non-profits are working to bring to the table. Historically, legislation and funding has been geared toward limited-term rental product as opposed to permanent or for-purchase affordable housing, leaving little room for developers to pursue projects supporting various types of affordability. However, SB-196, a bill introduced by Senator Jim Beall and co-authored by Senators Mike McGuire and Bob Wieckowski could help to change that.
“We see the bill as a benefit to community land trusts trying to build affordable homeownership housing in their respective communities,” said Mark Asturias, executive director of the Irvine Community Land Trust (ICLT), one of the organizations advocating for the passage of the bill. “Any benefit we can achieve in reducing costs so that we can keep the price of the housing we sell down is beneficial. When you look at land costs and the way they are assessed, it gets to be a pretty significant cost when you consider how long it takes to get a project entitled and then built in California.”
Read the full article here.