March 2009 CHC Newsletter

Inside this newsletter…

Stimulus Legistlation Signed: On February 17, President Obama signed into law the American Recovery and Reinvestment Act of 2009.  The $787 billion bill is aimed at creating jobs, offers tax credits to working families, provides funding to all 50 states, revives social safety net programs, and makes long term investments in infrastructure programs...

State Budget Passage: On February 19 in the early morning the State legislature passed a 17-month budget which the Governor quickly signed.  The budget closes the State’s $41 billion deficit through a mix of tax increases, budget cuts and loans.  As a consequence of the budget’s passage, there will now be six (6) ballot measures placed before the voters as part of a May 19 Special Election...

PMIB Update and Project Data Collection: Thank you to those of you able to attend the February 18 PMIB meeting in Sacramento, the strong showing by the affordable housing community was definitely noticed.  There have been various estimates bandied about, but there is approximately $8 billion in general obligation (GO) bonds that the State needs to issue in order to get “caught up” since the state had not issues any GO bonds since this past July 2008...

Permanent Source Update: SB 500: As we’ve reported to you in the past, State HCD Director Lynn Jacobs and her staff have been working on establishing a permanent source through dedicated revenue sources for the State’s Housing Trust for continued funding of much needed State housing programs, including the Multifamily Housing Program (MHP)...

Upcoming Housing Events...

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