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May revision would revert $31.7 million and advance climate-aligned housing changes including a VMT mitigation option
Summary
Department of Finance told the subcommittee the May revision proposes reverting $31.7 million in unexpended affordable-housing funds and advancing a set of "climate-aligned" housing changes including a VMT mitigation banking option.
The subcommittee heard the May revision's housing proposals from Department of Finance and the Business, Consumer Services and Housing Agency (BCSHA). Finance staff said the governor's May revision proposes a budget-year savings of $31.7 million by reverting unexpended affordable-housing funds from older budget acts, and includes trailer-bill language to implement several "climate-aligned housing" policy changes.
What the administration proposed - Funding reversion: Megan Tokonaga Block of the Department of Finance described the plan as "the reversion of $31,700,000 in unexpended affordable housing funding from prior budget acts," characterizing the amounts as under-subscribed or not expected to be liquidated by the current deadline. - Climate-aligned trailer bill: Sasha Kurgan (deputy secretary for housing at BCSHA) described three main elements: (1) remove a current Permit Streamlining Act exemption for the Coastal…
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