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Assembly committee advances bill to help affordable housing providers manage insurance costs
Summary
SB 1388 would create a state program providing technical assistance and risk‑financing options to reduce insurance costs for affordable housing providers, sponsors and advocates said. The measure was moved out of committee as amended to Appropriations.
Sen. Durazo described SB 1388 as establishing an Affordable Housing Risk Reduction Program to supply technical assistance and supportive services so affordable housing providers can pursue alternative risk‑financing options and reduce insurance costs. "This program will address these challenges by having the state provide technical assistance to affordable housing developers so they can pursue risk mitigation strategies and alternative risk financing options," the senator said.
Justine Marcus of Enterprise Community Partners and other co‑sponsors noted that rising premiums and shrinking market options threaten preservation and production of affordable housing; Ms. Marcus said alternative models such as captives and joint powers authorities have helped public sector owners and could be expanded. Committee members praised the systems‑level approach and voted to pass the bill as amended to the Appropriations Committee.
