“Few alphabet soups have as many letters as California’s system for financing affordable housing.
The time and headaches developers must endure when seeking funding from acronym-laden state agencies helps drive up California’s nation-high cost to build apartments for low-income residents, strangling housing production in a state badly in need of affordable places to live.
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after six years of half-measures and stalled reforms, the governor has unveiled a proposal to streamline the system, while at the same time consolidating power in his office. In the state budget proposal he released this month, Newsom outlined a plan to move decisions over potentially billions of dollars annually in cash, tax credits and bond allocations to a new housing agency he controls, and by doing so, strip authority from State Treasurer Fiona Ma.”