Bay Area voters stepped up for affordable housing funding in November 2016 in a big way. Now, the state must do its part too. NPH state priority bills will create more safe, affordable housing opportunities and options in the Bay and beyond. View the full NPH Affordable Housing Action Center here or read on for our bill spotlight: Building Homes and Jobs Act (SB 2: Atkins.)
The Building Homes and Jobs Act (SB 2) was introduced by Senator Atkins (D-San Diego) as part of the State Senate’s “California Rebuild” Infrastructure Proposals for the 2017 legislative session to establish a permanent source of funding for affordable housing.
SB 2 is part of the Housing Package announced in the summer by the Governor and Legislative Leadership and is a critical affordable housing funding measure for the Bay Area and our state.
Our state urgently needs the jobs and affordable places to live that this important legislation will generate.
The Building Homes and Jobs Act will:
How SB 2 Works
The Building Homes and Jobs Act establishes an ongoing funding source that helps the state live within its means by imposing a $75 fee on real estate transaction documents, excluding residential and commercial property sales. It increases California’s supply of affordable homes, creates jobs, and spurs economic growth without incurring additional debt.
Why SB 2 is the Right Solution
Increased and ongoing funding for affordable housing is critical to stabilize our state’s housing development and construction marketplace.
The Building Homes and Jobs Act will utilize a pay-as-you-go approach and generate hundreds of millions of dollars annually for affordable housing. 50% of collected fees will be distributed directly to local governments to address local needs. The remainder will be allocated by the state on a competitive basis, with funding commitments including affordable homeownership opportunities for working families, affordable housing options for our rural families and farmworkers, and more.
What You Can Do to Support SB 2
Click here for the current status of SB 2.
Click here to download NPH’s SB 2 Fact Sheet.