The United Voice for Affordable Housing 

ICYMI

2025-26 Legislative Session

• 35 new legislative members were sworn-in December 2, including 23 new Assemblymembers and 12 new Senators.
• There is currently one vacancy in the Senate and one in the Assembly.
• Legislative leadership reduced the number of bills members can introduce during the two-year session from 50 to 35 bills in the Assembly and from 40 to 35 in the Senate.
• The Legislature will reconvene Monday, January 6, and legislative leaders are expected to announce new committee assignments in the coming weeks.

Special Session

• The Legislature convened a Special Session on December 2 to prepare for the incoming federal administration.
• Senator Wiener and Assemblymember Gabriel both introduced legislation in response to the Governor’s request for increased resources for litigation purposes. 

Industry News

• City of Pasadena’s inaugural Housing Director Bill Huang has announced his retirement after 15 years, effective Dec. 16. During Bill’s leadership, Pasadena saw significant progress in addressing housing needs. Around 10% of all households in the city now live in some form of affordable housing, with more than 4,200 affordable housing units developed under his tenure. Bill has been a longtime CHC Board of Governors member, his support and involvement will greatly be missed!

FEDERAL UPDATE FROM DAVID GASSON

A very Happy Holiday’s to all.



We are currently in the midst of a very busy lame-duck session of Congress, quickly approaching the December 20^th deadline for the current continuing resolution.

Regarding the FY 2024 budget, Speaker Mike Johnson (R-LA) and incoming Senate Majority Leader John Thune (R-SD) have decided to punt the budget to 2025 and are preparing another continuing resolution likely to March. This will give the Trump Administration the opportunity to weigh in on the budget and depending on the amiability of Republicans in the House and Senate, cut domestic programs to help pay for one if not two reconciliation bills. This raises many concerns within the housing community as we expect HUD programs, specifically HOME, CDBG and Choice Neighborhoods to be targets for cuts. HAG Chairman Bob Moss is meeting with incoming Senate Appropriations Chair Susan Collins (R-ME) and her staff to lobby for support of HUD programs, but we acknowledge the pressure from the incoming administration and House Republicans may be difficult to rebut. We will be working on this issue right up until the final numbers are agreed upon with the hope advocates of housing can limit the cuts to these vital programs.

On the tax side, there is a disagreement between Senate and House Republicans on how and when to address the expiring Tax Cuts and Jobs Act provisions and other proposals that will make up the largest tax bill a Congress has ever contemplated...

AFFORDABLE HOUSING NEWS OF THE MONTH

California housing projects face ‘financing drought’ after Proposition 5’s defeat (KQED)

How a Trump administration could affect California’s housing crisis (CalMatters)

California lawmakers begin special session to protect state laws from second Trump presidency (Associated Press)

Editorial: L.A. County voters agreed to another tax to reduce homelessness. Let’s make sure it does. Los Angeles Times)

Did the election signal the end of rent control propositions—and the main group pushing them? (San Francisco Chronicle)

L.A. City Council votes to boost housing development, while leaving out single-family-home zones (Los Angeles Times)

Trump immigration policy: Will California’s undocumented community face deportation? (San Jose Mercury News)

2024 TITLE SPONSOR SPOTLIGHT: US BANK

Addressing California’s affordable housing crisis and closing the wealth gap  



U.S. Bancorp Impact Finance, the tax credit and community investment division of U.S. Bank, has been committed to lending and investing in affordable housing for more than 35 years, including being very active in California. 

Over the last 20 years in California, Impact Finance has helped create 52,980 in residential affordable and market rate rental units by investing $4.57 billion in equity and $7billion in debt. In this timeframe, we have completed 753 equity investments and 559 debt investments.

“From affordable developments serving individuals with low incomes to workforce housing serving everyday residents such as teachers, public safety workers, adding more affordable places to call home in California is hopefully making a difference for many rent-burdened individuals and families,” said Lisa Gutierrez, the director of affordable housing business development at U.S. Bancorp Impact Finance.  

Owning a home can be one of the most important ways to build wealth and pass it down to future generations. U.S. Bank Access Commitment®, our long-term approach to help close the wealth gap for underserved communities, including communities of color, redefines how we serve employees, clients and communities. Particularly, U.S. Bank Access Home provides financial education and guidance to prepare future homeowners in their journey to homeownership. 

And specific to Impact Finance, our Affordable Housing Impact Capital program launched in 2022 as an approved Special Purpose Credit Program, a $250 million tax credit equity and debt fund aimed at supporting emerging developers of color.