Special to the Vanguard
Sacramento, CA – This week, a bill was introduced by Senator Anna M. Caballero (D-Merced) and Assemblymember Matt Haney (D-San Francisco) which creates the Community Anti-Displacement and Preservation Program (CAPP).
According to the release, “CAPP will finance the acquisition of existing housing in order to preserve it as affordable for low-income residents.” It will also “prevent displacement and homelessness by stabilizing low-income families in their communities, while also investing in the supply of affordable homes for the future.”
“California’s affordable housing crisis continues to worsen and unsubsidized affordable housing is rapidly disappearing from the market. As this housing disappears, fewer and fewer low-income families can find a place to call home because current housing production simply cannot meet demand,” said Senator Caballero.
She noted, “SB 225 creates a new program to assist with the acquisition and rehabilitation of existing unsubsidized housing and converting it to long-term affordable housing which will provide immediate relief to low-income families.”
The bill includes a $500 million budget request.
“SB 225 is one important step to avoid displacement and homelessness, and ensure families throughout the state can remain in their communities in homes they can afford,” the Senator added.
“California’s housing crisis is getting worse because we’re not building homes fast enough,” said Assemblymember Haney. “We have the opportunity to preserve affordable homes and ensure they remain accessible to low income renters.”
Low-income families continue to face unaffordable and skyrocketing rents, causing many to face housing insecurity and homelessness.
“We are fortunate to have a robust and growing collaboration of community-based organizations, affordable housing developers, and public sector partners who are doing innovative work to acquire properties off the private market and stabilize families in affordable housing for the long term,” said Jimar Wilson, VP and Southern California Market Leader, Enterprise Community Partners.
He added, “But state resources are needed to bring this work to scale, and CAPP fills a much-needed capital gap to create more affordable housing quickly and efficiently that will deliver dividends to our communities for years to come.”
“More than half of the affordable rental housing in the US is provided without subsidy in the private market,” said Chione Lucina Muñoz Flegal, Executive Director, Housing California. “An investment in CAPP gives us a new tool to bring permanent affordability for renters at risk of being priced out of their communities. It allows the state to bring affordable units online more quickly by leveraging our existing housing stock.”
Too often, decisions about housing investments and community development are made without the input of our neighbors who will be most impacted by those decisions. Centering the voices and needs of local community members is critical to addressing decades of disinvestment, redlining, and other inequitable housing policies,” said Andrés Ramos, Legislative Counsel, Public Advocates.
Ramos added, “CAPP is a critical tool and one solution to address California’s ongoing affordable housing crisis. This investment will empower local communities, by providing these communities with state resources to prioritize affordable housing investments that meet local needs.”