Governor’s Proposed Housing Investments in 2022-2023 Budget
Governor Newsom’s proposed 2022-2023 budget lays out his priorities for tackling the state’s housing crisis and includes $2 billion toward increasing and preserving affordable housing, supporting infill development, and removing barriers to adaptive reuse. Specific investments include:
- Infill Infrastructure Grant Program: $500 million to support the infrastructure that housing needs (utility hookups, sidewalks, etc) to get built in downtown-oriented areas and brownfields.
- Affordable Housing and Sustainable Communities: $300 million to support land-use, housing, transportation, and land preservation projects for infill and compact development that reduce greenhouse gas emissions.
- State Excess Sites Development: $100 million to expand affordable housing development and adaptive reuse opportunities on state excess land sites.
- Adaptive Reuse: $100 million to help remove cost impediments to adaptive reuse and help accelerate residential conversions.
- Low-Income Housing Tax Credits: $500 million.
- Mixed-Income Housing: $200 million to provide loans to developers for mixed-income rental housing for households with incomes between 30-120 percent of the Area Median Income (AMI).
- Portfolio Reinvestment Program: $200 million to further preserve targeted units in downtown-oriented areas.
- Mobilehome Park Rehabilitation and Resident Ownership Program: $100 million to finance the preservation and development of affordable mobilehome parks.
The Bay Area Council welcomes these much-needed investments toward addressing California’s housing affordability problems. While this funding is critical, the severity of our housing crisis demands significant attention from both state and federal actors – through budget, legislative and administrative actions – to make any real progress. We look forward to working with our partners to secure additional investments and finding innovative ways to increase the state’s market-rate and affordable housing stock. To engage in the Council’s housing policy work, please contact Senior Vice President Matt Regan.