Senator Dave Cortese’s Bill To Structurally Reform How California Finances Affordable Housing Passed the Senate Housing Committee

SACRAMENTO – State Senator Dave Cortese’s first-of-its-kind housing finance solution bill that could fast-track the construction of thousands of affordable homes needed throughout California without burdening taxpayers unanimously passed the Senate Housing Committee today with a bipartisan vote. Senate Bill 750 now moves forward to the Senate Judiciary Committee.

“This is not just another housing bill—it’s a structural reform to how we finance housing,” said State Senator Dave Cortese (D-Silicon Valley). “SB 750 could be the key to unlocking hundreds of thousands of shovel-ready homes currently stuck in limbo.”

The bill is called the California Housing Finance & Credit Act. It establishes a state-backed credit enhancement program administered by the California Housing Finance Agency. The goal of the program is to keep housing projects moving forward instead of being tied up in convoluted financial knots for years with high interest rates.

How is this accomplished? The program would offer insurance and credit guarantees to reduce the risk for lenders and bond issuers, helping developers get the financing needed to begin construction.

SB 750 would require the California Housing Finance Agency (CalHFA) to administer the California Housing Finance and Credit Act (CAHFCA). This program would use California’s credit to guarantee financing for multifamily housing production.

SB 750 is contingent on a constitutional amendment passing the Legislature and receiving voter approval.

The bill is supported by:

Good River Partners (Sponsor) Ethos Real Estate (Sponsor) Thropo Capital (Sponsor) United Way LA (Sponsor) Abundant Housing LA South Bay AFL-CIO Labor Council All Home Alliance of Californians for Community Empowerment Asian Law Alliance Bill Wilson Center California Apartment Association California Community Builders California YIMBY Core Affordable Housing East Bay YIMBY Fieldstead and Company Grow the Richmond Habitat for Humanity Habitat for Humanity California Home First Service of Santa Clara County Housing Action Coalition Los Angeles County Affordable Housing Solutions Agency (LACAHSA) Mountain View YIMBY Napa-Solano for Everyone Northern Neighbors San Francisco Peninsula for Everyone San Francisco YIMBY Santa Cruz YIMBY Santa Rosa YIMBY South Bay YIMBY SPUR The Two Hundred for Home Ownership

###