AgdaPkt 2006-05-22 - Laserfiche WebLink

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INFRASTRUcrURE BOND DETAILS In the early morning hours of May 5, the Legislature passed bond measures that will fund hous- ing, transportation, levee repairs, flood control projects and school construction. It also passed trailer bills dealing with permit streamlining, and a constitutional amendment that will "fix" Proposition 42 by "locking down" the sales tax on gasoline for transportation purposes. The following summarizes the key bills comprising this package. Housing Bond: (AB 136 - Nunez and Perata). This measure contains $2.85 billion in funding for affordable housing construction, infill incentives. The funds are divided into the following funding categories: Housing Construction: . $1.5 billion for first-time homebuyer programs and affordable housing construction, of which: . $345 million for the construction of affordable multifamily housing. . $300 million for loans/grants for local homeownership programs. . $200 million for down payment assistance. . $195 million for supportive transitional housing. . $135 million for farmworker housing. . $125 for grants to local governments for down payment assistance programs, where local regulatory barriers have been reduced. . $100 million for a newly created affordable housing innovation fund. . $50 million for housing for homeless foster youth. . $50 million for emergency shelters. Planning and Infilllncentives: . $850 million for regional planning, housing, and infill incentives which will be further defined by future legislation, of which no more than $200 million may be used for park development in conjunction with infill. . $300 million in grants to local governments to develop infrastructure associated with high density transit-oriented development. . $200 million for development of parks in urban, suburban and rural areas, subject to condi- tions which will be further defined by future legislation. Transportation Bond: SB 1266 (NunezlPerata). Highway Safety, Traffic Reduction, Air Qual- ity, and Port Security Bond Act of 2006. This measure authorizes $19.925 billion of state general obligation bonds for high-priority trans- portation corridor improvements, including $1 billion for cities and $1 billion for counties to spend on local transportation projects. Unlike Prop. 42 funding, which is dedicated to local street and road maintenance and repair projects, local agencies may determine their own priorities for use of these transportation funds. Continued on Page 8 Visit the League's Official Websiteuwww.cacities.org PRIORITY FOCUS . PAGE 7 May 5, 2006 . Issue #18 .______~._._~_ ,__.H._._",...".,._...__.-....__..n