Senator Cortese's SB 750 Would Unlock Stalled Affordable Housing Projects through State Credit Program

SACRAMENTO, CA – In a move to address California’s housing crisis, State Senator Dave Cortese has introduced SB 750, a proposal to unlock affordable housing development by leveraging the state’s credit—not its budget.

SB 750, also known as the California Housing Finance & Credit Act, would establish the California Residential Mortgage Insurance Act (Cal REMIA)—a state-backed credit enhancement program administered by the California Housing Finance Agency (CalHFA). The program would insure construction and permanent loans for multifamily housing developments, allowing private capital to flow more easily into housing projects currently stalled by high interest rates and complex financing structures. View the full story here.