Bill Text: CA ACA11 | 2017-2018 | Regular Session | Amended
Bill Title: California Middle Class Affordable Housing and Homeless Shelter: funding.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-08-22 - Re-referred to Com. on H. & C.D. [ACA11 Detail]
Download: California-2017-ACA11-Amended.html
Amended
IN
Assembly
August 21, 2017 |
Assembly Constitutional Amendment | No. 11 |
Introduced by Assembly Member Caballero |
March 20, 2017 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: 2/3 Appropriation:Bill Text
Article XXXIVA CALIFORNIA MIDDLE CLASS AFFORDABLE HOUSING AND HOMELESS SHELTER
SECTION 1.
(a) The California Middle Class Affordable Housing and Homeless Shelter Account is hereby created in the General Fund to receive and disburse the revenues derived from the incremental increases in taxes imposed by this section, as specified in subdivision (b).(a)Revenues within the California Middle Class Affordable Housing and Homeless Shelter Account shall be available to support local and state programs that assist in the development or acquisition of the following:
(1)Home ownership assistance for first-time home buyers.
(2)Multifamily housing with rents affordable to middle-, moderate-, lower, low-, and very low income households, as those terms are defined in Section 50093 of the Health and Safety Code, on January 1, 2017.
(3)Housing and shelter for homeless individuals.
(b)Funding shall be
distributed throughout the State in an equitable fashion for housing acquisition and development projects in local jurisdictions in proportion to the local jurisdiction’s share of the regional housing need incorporated into the housing element of the local jurisdiction’s general plan.
(c)Revenues made available by this article to support local and state housing programs may be distributed in the form of loans, grants, tax credits, revenue bonds, and other financing options to acquire or construct additional affordable housing with the objective of efficiently leveraging the availability of other state, federal, and local resources and private sector investment to maximize the number of households and individuals assisted.