State awards $23M for affordable housing in Burbank, Glendale, Pasadena
Regional trust fund could issue bonds and tap private and public financing
California has awarded $23 million to Burbank, Glendale and Pasadena to set up a trust fund for affordable housing.
The three cities have plans for 3,000 new affordable homes but not enough money to pay for them. The state’s 2022-2033 budget will allocate funds to help finance affordable housing projects through a joint powers authority tucked into a bill proposed by State Sen. Anthony Portantino, D-Pasadena, Pasadena Now reported.
“As we continue to face a historic housing crisis, Glendale and our neighboring cities need all the help we can get in order to find creative ways to build more affordable housing for our residents,” Glendale Mayor “Ardy” Kassakhian said at a news conference.
Burbank, Glendale and Pasadena have a backlog of projects, including permanent supportive housing, senior housing, workforce housing and affordable home ownership units.
Portantino’s bill, SB 1177, would set up a regional housing trust fund run by a joint powers authority made up of Burbank, Glendale and Pasadena.
Under the bill, the authority would be allowed to request and receive private and state funding allocations, as well as authorize and issue bonds to help finance affordable housing projects for extremely low-, very low-, low- and moderate-income households.
The senate bill is now in the Assembly and is eligible for a floor vote when the Legislature reconvenes in August.
“Burbank, Glendale and Pasadena have been at the forefront of meeting California’s housing needs,” said Portantino, who secured the $23 million award. “I’m happy to help them create and fund this effort to build critical affordable housing,”
State Sen. Sydney Kamlager, D-Los Angeles, has launched a bill that would set up a Los Angeles County Affordable Housing Solutions Agency to preserve and add affordable housing across the region. The bill, SB 679, would also expand assistance to tenants.
Cities across Southern California have fallen short of state-mandated housing goals, despite pushes to create more housing, according to state data.
Under the state’s affordable housing goals, Pasadena is expected to build more than 9,429 new units from 2021 to 2029 — 600 percent more units than the previous eight-year cycle goal, which it failed to meet, according to the Los Angeles Daily News
Burbank must plan for 8,772 units for its so-called housing element, according to state data, while Glendale must rezone for 13,425 more homes during the same period.