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Permanent Source

Update October 2008

Proposition 1C funds are expected to be depleted by 2010. At the direction of the Governor, the Department of Housing and Community Development was asked to develop recommendations for the Administration on securing a long term funding source that is dedicated to financing housing that is affordable.

We have completed our stakeholder meetings throughout the State, touring from Chico to San Diego we conducted eleven regional meetings. We are currently well into our second phase of conducting research and analysis of our stakeholders top recommendations for possible sources and uses.

Our goal was to provide everyone with the opportunity to participate. If you weren’t able to attend one of our meetings, every idea was on the table and we were open to any and all suggestions. We encouraged all participants to comment on three questions:

• What programs should the permanent source fund?
• How should the money be distributed?
• And, what are possible sources of funding?

One recommendation that was consistent from all the meetings is that we need to have multiple sources, not just one. We heard many good ideas and anticipate having our research completed by the end of October. We plan to have a final draft for review by the Governor’s office by November 2008.