AB 1865 Passed, Lowering Prop. 1C Matching Requirements

Aug 30 - emily

Last Friday, Governor Arnold Schwarzenegger signed AB 1865 by Assemblywoman Audra Strickland (R-Thousand Oaks) into law. This bill, sponsored by the Ventura County Housing Trust Fund, will make it easier for new housing trust funds to obtain state matching funds as provided in Proposition 1C from 2006.

When California voters passed Proposition 1C in 2006, they saw a need for transitional and workforce housing. Through this initiative, $17.5 million dollars were made available specifically for new housing trust funds. A new trust can take advantage of these funds if they are able come up with at least $1 million, which the State will match with Prop 1C funds.

But in the current economic climate, housing trusts have not been able to meet the $1 million threshold. To date, there has only been one applicant for these funds, which means that valuable dollars are not being used effectively to help those for whom the funds were intended.

AB 1865 will allow new housing trust funds to jump start and complete their projects by lowering the matching requirement from $1 million to $500,000.

"This measure will create more affordable housing, generate jobs, and will provide much needed stability for workers throughout our State at a time when they need it most,” said Strickland.

The Ventura County Board of Supervisors approved an appropriation of $500,000 to the Ventura County Housing Trust Fund which will immediately qualify it for state matching funds upon the passage of AB 1865.

Press release used with permission by the office of Assemblywoman Audra Strickland

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