Affordable housing: permanent revenue source.

Existing law sets forth the Legislature's finding and declarations regarding the availability of affordable housing throughout California. Under existing law, there are programs providing assistance for, among other things, multifamily housing, emergency housing, farmworker housing, home ownership for very low and low-income households, and downpayments for first-time homebuyers. This bill would enact the Housing Market Stabilization Act of 2010, which would create in the State Treasury the Housing Market Stabilization Fund. The bill would provide that moneys in the fund be available, upon appropriation, to the Department of Housing and Community Development for local assistance loans and grants for purposes related to increasing the supply of safe, affordable, and sustainable homes.