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Senate advances $10 billion housing bond measure to fund thousands of affordable units
Summary
The Senate passed SB 417, a $10 billion bond measure aimed at funding multifamily affordable housing and related programs; sponsors said roughly 45,000 projects are shovel-ready but lack final capital, while critics flagged infrastructure and interim-housing gaps.
The California State Senate voted to move SB 417, a $10 billion housing bond bill, to the Assembly after floor debate about scale, priorities and implementation. Senator Cabaldon, the bill’s sponsor, said the bond would finance the state’s primary affordable-housing programs and close the financing gaps for more than 45,000 projects that he described as permitted and ready to build (Sen. Cabaldon).
Cabaldon said the proposal allocates the bulk of funds to multifamily…
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