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STORM HITS THE CALIFORNIA HOUSING MARKET

by Clarice Veloso Sun, Feb 26, 2012 3:39AM

California State Senator Mark DeSaulnier (D-Concord) and Senate President pro Tem Darrell Steinberg (D-Sacramento), along with principal co-author Assemblymember Toni Atkins (D-San Diego) today introduced legislation to create the Housing Opportunity and Market Stabilization (HOMeS) Act with the goal of creating a permanent funding source for affordable places to live in California.  The HOMeS Act will support the development, acquisition, rehabilitation, and preservation of affordable homes for Californians on fixed incomes and modest budgets, including emergency shelters, transitional and permanent rental housing, foreclosure mitigation, and homeownership opportunities. Funded through a $75 document recording fee on real-estate transactions, the bill would generate an average of $700 million per year for housing affordable to hardworking families, put construction workers back on the job, and boost California's economy by creating millions of dollars in new economic activity. 

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