Affordable housing cost study.
The bill mandates that key agencies, including the California Tax Credit Allocation Committee, the Department of Housing and Community Development, and the California Debt Limit Allocation Committee, collaborate to develop the cost study. This collaborative effort is designed to ensure a thorough understanding of past funding impacts and housing project data from 2014 to 2024. The intentions behind AB 2662 are to ultimately maximize the resources used for affordable housing projects in California, ensuring that funding is effectively utilized without compromising existing priorities.
Assembly Bill 2662, introduced by Assembly Member Blanca Rubio, aims to conduct a comprehensive affordable housing cost study in California. This study will evaluate the various factors that influence the cost of building affordable housing, analyzing total development costs to optimize the allocation of resources dedicated to such housing initiatives. It is intended to provide crucial insights into funding mechanisms and economic variables that affect housing affordability, and to support state agencies in making better-informed policy decisions.
Notably, the implementation of this cost study is contingent upon the availability of existing resources, as the bill stipulates that it can only proceed if funds are accessible without altering current funding priorities. This provision may spark debates regarding the prioritization of housing initiatives versus other state expenditure needs. Furthermore, the completion of the study is targeted for January 1, 2026, which may prompt discussions about the urgent need for timely research in the face of California's ongoing housing crisis.