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CALIFORNIA COMMUNITY FOUNDATION ENDORSED AFFORDABLE HOUSING BOND MEASURES
To stem the crisis from escalating housing costs, the California Community Foundation Board of Directors endorsed two housing bond measures that appeared on the Nov. 7, 2007 ballot — Proposition H for the City of Los Angeles and Proposition 1 C for the state.
The city bond was intended to generate $1 billion in funds to build permanently affordable housing for the homeless, the disabled, and other vulnerable populations. The state bond, Proposition 1 C, was expected to create another $2.85 billion for permanent and transitional housing, emergency shelters and housing-related infrastructure throughout the state.
The California Community Foundation has long supported affordable housing efforts, as we believe that families in stable and affordable homes have a better chance at excelling in school, accessing health care, seizing job opportunities and securing a decent future. We firmly believe that well-designed, high-quality affordable housing revitalizes neighborhoods — and these bond measures seek to do just that.
Both bond measures were crucial for low and middle-income families. In the city of Los Angeles, for example, a worker would have to earn $25 an hour just to pay the median monthly rent of $1,200 for a two-bedroom apartment. According to Eric Garcetti, president of the Los Angeles City Council and a supporter of Proposition H, over two-thirds of the families living in the city cannot afford this market rate. Buying a home is impossible for low-income households and out of the question for most middle-class families. Angelenos would need an income of more than $100,000 a year to buy a median priced home of $517,000.
On a statewide level, the prospects are not much better. California has 21 of the 25 least affordable metropolitan areas in the country. Only 14 percent of families can afford to buy a median-priced home of $561,000. Last year, more than 5,000 women and children were turned away from domestic violence shelters. And on any given night, 360,000 Californians sleep on the streets.
If these disturbing numbers are to change, funding is essential to build emergency shelters, transitional housing and permanently affordable homes.
Here are the highlights of both housing measures:
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City of Los Angeles--Prop H |
California--Prop 1 C |
Amount of Bond |
$1 billion |
$2.85 billion |
Priority Uses |
Build permanent affordable housing and provide homebuyer education and financing for qualified buyers |
Build affordable homes, transitional housing, emergency shelters and housing-related infrastructure |
Source of Funds |
Property tax assessments ($14.66 per $100,000) |
Sale of general obligations bonds |
Beneficiaries |
Homeless, seniors, veterans, disabled, victims of domestic violence, low- and moderate-income families, first-time homebuyers |
Homeless, seniors, the disabled, foster youth, farmworkers, veterans, very low- and low-income families, first-time homebuyers |
Supporters |
Mayor Antonio Villaraigosa, Former Mayor Richard Riordan, City Council members Eric Garcetti, Wendy Greul, Janice Hahn, Jan Perry, Bill Rosendahl, Ed Reyes, Herb Wesson, Los Angeles Police Department Chief William Bratton, Building Industry Association of Southern California, Central City Association, LA/OC Building and Construction Trades Council, and others |
League of California Cities, California Business Roundtable, California Chamber of Commerce, Los Angeles Area Chamber of Commerce, Orange County Business Council, Western Growers Association, California Labor Federation AFL-CIO, and others |
Opponents |
No organized opposition |
California Republican Party, California Taxpayers’ Association, South Orange County Regional Chambers of Commerce, and others |
To learn more about these bond measures, visit www.homesforlafamilies.org and www.homes4ca.org. Read a Spanish-language op-ed by CCF in support of the housing bonds published on Oct. 26, 2006, in La Opinion.
POST-ELECTION UPDATE
Californians approved Proposition 1C in the Nov. 7, 2007 general elections, allowing the state to increase access to affordable and transitional housing, emergency shelters and improve housing-related infrastructures. The city bond measure, Proposition H, fell short of garnering enough votes from Los Angeles residents.
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