Affordable housing cost study: housing plan addendum.

Existing law establishes various programs and funding sources to enable the development of affordable housing, including the low-income housing credit, the Building Homes and Jobs Act, the Veterans and Affordable Housing Bond Act of 2018, the Affordable Housing and Sustainable Communities Program, and the Multifamily Housing Program. Existing law charges various agencies with the administration of these programs, including the California Tax Credit Allocation Committee, the Department of Housing and Community Development, and the California Housing Finance Agency. This bill would require the California Tax Credit Allocation Committee, the Department of Housing and Community Development, the California Housing Finance Agency, and the California Debt Limit Allocation Committee to conduct an affordable housing cost study that measures the factors that influence the cost of building affordable housing, breaks down total development costs for affordable housing, and enables the state to maximize resources allocated for affordable housing. The bill would require the study to consider data from projects that have received funding from the various programs and funding sources described above. The bill would require the development of the cost study only as existing resources permit without restructuring funding priorities, or as private resources are made available. The bill would require the California Tax Credit Allocation Committee to publish the study by January 1, 2028. Existing law establishes the California Statewide Housing Plan, which is required to incorporate a statement of housing goals, policies, and objectives, as well as specified segments. Existing law requires the Department of Housing and Community Development to update and provide a revision of the California State Housing Plan to the Legislature every 4 years, as specified. This bill would also require the department to prepare and provide an annual addendum to the California Housing Plan to the Legislature by January 1, 2023, and each January 1, thereafter. The bill would require the addendum to identify specified information, including all of the financial resources the state possesses for the development of affordable housing and outcomes to measure the success of the state's investments in housing.