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HCD seeks statutory authority to unlock excess equity from existing projects to fund new affordable housing
Summary
HCD asked for trailer bill language to allow extraction of excess equity from existing HCD projects and reinvest those funds into preservation or new affordable housing projects.
The Department of Housing and Community Development asked the subcommittee to approve trailer bill language that would let HCD create an "excess equity" policy to extract cash from existing HCD‑funded projects and reuse it for preservation, rehabilitation or development of additional affordable housing.
HCD deputy director Jennifer Seeger told the committee the department currently lacks statutory authority to allow developers to extract equity gains from projects funded by HCD. She said, if authorized, the policy could create a revolving source of funds to support…
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