Panel advances bill to expand HCD reinvestment program to preserve at-risk affordable homes

Assemblymember Colosa presented AB 7 50 as an expansion of the Department of Housing and Community Development's (HCD) portfolio reinvestment program (PRP) so it can reach developments at risk of losing affordability but that are not already HCD-funded.

Tysha Watts of the California Housing Partnership told the committee the PRP has preserved nearly 2,000 homes in its first rounds and stressed that more than 46,000 affordable homes are at risk of losing affordability in the next decade. Marina Espinosa of the California Housing Consortium echoed support and urged the committee's aye vote.

Committee members praised the bill's preservation focus and took a roll-call vote; the clerk recorded an 11-to-0 result and the item was reported out of committee. Members framed the measure as a complement to new production, pointing to bond funds and the need to preserve existing deeply affordable units.