5 things you need to know about the Affordable Housing Act Bond of 2018
The state of California is one of the states with the worst housing situations. In fact, the state has 21 out of 30 most costly rental markets in the country. As a result, there is a negative effect to middle-class owners down to the poor families.
A minimum wage-earner needs to do three jobs just to pay a house with two bedrooms.If there are available housing units for low-income earners, these properties are mostly under appalling state.
There is a hope to resolve this problem through Affordable Housing Bond Act of 2018(Senate Bill 3) penned by Senator Beall. The best way to create an impact of change is to be informed! We’re here to give you the facts so you can decide for yourself if you not only support this Act but also decide if you think this will alleviate the high rental and living cost in California.
Here are five things you have to know about this proposed bill:
1. There are existing laws that is aimed at providing assistance to low-income households when it comes to housing-related problems like emergency housing, farmworker housing, multifamily housing and home ownership for low prices. There are also laws that give down-payment assistance to those who will buy a house for the first time.
In pursuant to the State General Obligation Bond Law, an existing law authorizes the issuance of bonds and the proceeds from the sale of these bonds will be used to finance various existing housing programs. If adopted, the Affordable Housing Bond Act of 2018 would authorize the issuance of the bond amounting to $3 billion.
2. The bill will take effect immediately once approved by the voters in November 6, 2018 state-wide general election.
3. If the funds will be used wisely, it can lessen housing problems in the state of California. At present, low-income earners in the state spend a lot of their income on rent which leaves only a small portion for their basic needs. Many renters would forego homeownerships, forced to live in more crowded housing, commute far from work, or move to another state.
4. The proceeds of the sales from bonds will fund the following programs: Multifamily Housing, CalHome, Joe Serna Farmworker Housing, Local Housing Trust Fund Matching Grant, Building Equity and Growth in Neighborhoods (BEGIN), Transit-Oriented Development, and Infill Infrastructure Financing.
5. The author of Affordable Housing Act Bond of 2018, Senator Jim Beall, is a Democrat representing the 15th Senate District, which includes the South Bay and Silicon Valley. Before being elected a Senator in 2012, he was once a member of California State Assembly representing the 24 Assembly District.