LOS ANGELES CITY COUNCIL ADOPTS SB 5 RESOLUTION
Legislation Makes the State a Long-Term Funding Partner for Affordable Housing
Sacramento—Today, the Los Angeles City Council adopted a resolution in support of SB 5, the Affordable and Sustainable Community Act, sponsored by Sens. Jim Beall (D-San Jose), Mike McGuire (D-Healdsburg) and Anthony Portantino (D- La Caňada Flintridge).
“In an unprecedented housing crisis, especially following the dissolution of redevelopment agencies statewide, SB 5 will benefit working and unsheltered people in Los Angeles by providing resources to preserve and produce desperately needed affordable housing,” said Councilmember Gilbert Cedillo. “I commend the senators for advancing an updated approach to funding for local governments to invest in urban revitalization and housing development.”
“The affordable housing shortage is a state-wide epidemic and the state needs to play an active role in the solution,” said Sen. Beall. “Cities are struggling with the ever growing production need to keep low income families off the streets because they can’t afford rent increases.”
SB 5 makes the state a long-term financial partner to immediately construct desperately needed housing for hard-working Californians and complements the Governor’s budget and the state’s one-time 2019 investments. Specifically, SB 5 allows local governments to collaborate on state-approved community development plans, which would be funded by reducing their contributions to local Education Revenue Augmentation Funds (ERAFs). Emphasis will be paid to the development of housing for very-low, low and moderate-income families as well as transit-oriented priority projects.
“I appreciate the City of Los Angeles for their support of SB 5, and efforts to ensure more Californians do not fall into homelessness,” added Beall.