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Bill would create state program to buy and preserve naturally affordable housing
Summary
SB1091 would create a Community Anti-Displacement and Preservation (CAP) program at HCD to provide acquisition capital and technical assistance to nonprofits and land trusts for preserving unsubsidized affordable housing; sponsors and community land trusts urged the Assembly to pass the measure to prevent displacement.
Senator (Caballero) presented SB1091, which would create a Community Anti-Displacement and Preservation (CAP) Program within the Department of Housing and Community Development to provide acquisition capital, technical assistance, and scaling support for nonprofits and community land trusts to acquire and preserve naturally occurring, unsubsidized affordable rental housing.
Justine Marcus of Enterprise Community Partners described the CAP model as a way to scale local acquisition-preservation strategies and urged the committee to support the bill. “This bill would fill a niche yet unmet by the state with resources for acquisition preservation,” Marcus said. Tamika Leclouse, executive director of Sacramento Community Land Trust, told the committee Sacramento County alone has more than 23,000 unsubsidized affordable multifamily homes at risk of becoming unaffordable in the next five years.
Supporters argued acquisition and preservation can be faster and less expensive per unit than new construction and that a state program could deploy capital quickly through nonprofit lenders. Committee members praised the bill and multiple members offered to be coauthors; the committee moved the bill to the next relevant committee for consideration.
Outcome: Committee passed the bill to the Assembly Committee on Judiciary (or next horse committee) for further consideration.
