(from Housing CA) Assemblymember Norma Torres (D-Pomona) is leading the legislative effort to address the freeze's impacts on housing construction. She is the author of
AB 2293, sponsored by Housing California.
A lack of construction financing for multifamily developments is the first issue Torres is tackling. Her chief consultant, Lisa Engel, is leading a working group exploring various options for drawing lenders back into the market, including having HCD contract with lenders to administer construction loans made with state bond proceeds.
AB 2293 will be heard by the Assembly Housing and Community Development Committee on April 14, 2010. Torres and Senator Alan Lowenthal also have asked HCD and the Department of Finance for a "roadmap" showing how the Schwarzenegger administration plans to fully fund both the pre- and post-freeze commitments. The roadmap will give policymakers a better sense of how much in bond proceeds should be held back to meet pre-freeze commitments and how much could be released to allow post-freeze awardees to begin construction.
Another legislator is looking for a new long-term approach to infrastructure financing, including housing. Assemblymember Noreen Evans (D-Santa Rosa) introduced AB 2579 in February to require a new commission to develop the Master Plan for Infrastructure Financing and Development as well.
