Sen. Grayson wins committee approval for stopgap authority to support CDFIs in SB 700

Senator Grayson presented SB 700, which would add the California Investment and Innovation Program (Cal IIP) to the list of authorized activities the state treasurer can support through the capital programs and climate financing authority. The senator said Cal IIP backs community development financial institutions (CDFIs) that support affordable housing, small businesses and underserved communities.

Rachel Mueller, director of advocacy for the California Coalition for Community Investment, testified in support and asked the committee for an aye vote, saying the change would allow the treasurer to use existing state dollars to fund another partial round of grants to CDFIs. "This is a straightforward measure that gives the state treasurer additional flexibility to use existing state dollars to support the California Investment and Innovation Program," she said.

The committee recorded unanimous support in testimony and reported the bill to the Senate floor; transcript roll-call entries show the committee reported SB 700 with a 9-0 tally.