Housing and Redevelopment Update

Zimmerman

SB 1220 was introduced on February 23rd 2012, proposing the Housing Opportunity and Market Stabilization Act 2012 (HOMeS), with a goal of creating a permanent funding source for affordable places to live on California. The bill imposes a $75 recordation fee of each real estate document in order to create a trust fund that will support the development, acquisition, rehabilitation and preservation of homes affordable to low and moderate income households.

The fee is estimated to generate $700 million per year for the HOMeS fund. The bill originates from the office of Senator Mark DeSaulnier and is being sponsored by California Housing Consortium and Housing California. The bill has received an enthusiastic response from housing organizations such as SCANPH. "The HOMeS Act takes a significant step towards ending homelessness and helping the most vulnerable find safe and affordable homes," said Paul Zimmerman, former Executive Director of SCANPH. "The legislature must now find a new way to address our housing needs. We know that what's there is not working - and for the sake of our working families - they need to fix it."

A fact sheet on the bill.