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HCD seeks statutory authority to extract 'excess equity' from funded projects to seed preservation and new production
Summary
HCD presented trailer‑bill language that would let the department permit developers to withdraw excess equity from existing HCD‑funded projects and redirect it to preserve or build other affordable housing; the Legislative Analyst recommended the Legislature consider statutory guardrails or a reporting requirement before granting broad authority.
The Department of Housing and Community Development told the Assembly subcommittee it wants statutory authority to allow extraction and reinvestment of "excess equity" held in existing HCD‑funded affordable housing projects.
Jennifer Seeger, deputy director for state financial assistance at HCD, said the proposed trailer‑bill language would "allow the state to utilize previous investments in affordable housing to support the preservation across the state's portfolio of projects" by enabling developers to…
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