SB 555: Stable Affordable Housing Act of 2023.

Existing law establishes the Department of Housing and Community Development and sets forth its powers and duties. Existing law establishes various programs providing assistance for, among other things, emergency housing, multifamily housing, farmworker housing, homeownership for very low and low-income households, and downpayment assistance for first-time homebuyers. Existing law requires the department to, on or before December 31 of each year, submit an annual report to the Governor and both houses of the Legislature on the operations and accomplishments during the previous fiscal year of the housing programs administered by the department, as prescribed.

This bill, the Stable Affordable Housing Act of 2023, would require the department, no later than December 31, 2026, to complete a California Social Housing Study consisting of a comprehensive analysis of the opportunities, resources, obstacles, and recommendations for the creation of housing that is affordable, as defined, and social housing, as defined, at scale, to assist in meeting the need identified in the statewide projections for below market rate housing affordable to households with extremely low, very low, low, and moderate incomes in the 6th Regional Housing Needs Assessment cycle. The bill would require the study to include, among other things, an analysis of the funding, public lands, and other resources and opportunities that are, or can be made, available to achieve certain goals of the state related to housing supply. The bill would require the department to include the study in the annual report to the Governor and the Legislature described above.