Assemblymember Nazarian Announces Budget Subcommittee #4’s Priorities, $650 for Affordable Housing, $20 million for Seismic Retrofit Loans, & $3 Million for Brace + Bolt
(Sacramento, CA) Today, Assemblymember Adrin Nazarian (D-Sherman Oaks), Chair of Assembly Budget Subcommittee #4, announced his budget priorities for 2016 - 2017 fiscal year.
“Our budget proposal strengthens the foundation of California’s middle class; creating jobs, protecting property & lives, and investing in our future,” stated Assemblymember Adrin Nazarian. “We are making an unprecedented investment in affordable housing and providing incentives to seismically strengthen homes in the event of an earthquake.”
- $650 Million Affordable Housing Investment
- $20 Million Seismic Safety Revolving Loan Program
- $3 Million for Expanding the Brace + Bolt Program
$650 Million Affordable Housing Investment
“California is facing an affordable housing crisis,” stated Assemblymember Adrin Nazarian. “Too many hard working Californians are teetering on the brink of homelessness. A $650 million investment in affordable housing will keep families in their homes.”
The affordable housing investment will be allocated across eight different programs to bolster services keeping families in their homes.
Rental Housing for Lower Income Working Families
- The Low Income Housing Tax Credit (LIHTC) – (existing program)
- Multi-Family Housing Program - (existing program)
Homeownership Opportunities and Rental Housing for Working Families
- Local Funding Grants for Workforce Housing – (new program)
- CalHOME - (existing program)
- Mortgage Debt Forgiveness, which extends the important tax relief to struggling homeowners.
Housing for Farmworkers and their Families
- Joe Serna Farmworker Housing Grant Program - (existing program)
- Farmworker Housing Tax Credit -(existing program)
- Napa County Farmworker Housing Centers - (existing program)
Housing Assistance and Production for Homeless Individual and Families
- Multi-Family Housing Program – Supportive housing - (existing program)
- Medi-Cal Housing Program – (new program)
- Emergency Shelter Grant Program - (existing program)
$20 Million Seismic Safety Revolving Loan Program
“We need to act decisively now to protect our State from senseless and preventable loss of life and property,” stated Assemblymember Nazarian. “Providing low-cost innovating financing for property owners incentivizes them to protect their property.”
The proposal would expand the California Capital Access Program (CalCAP) to include Seismic retrofits. Currently, the CalCAP program encourages banks and other financial institutions to make loans to small businesses that fall outside of most banks' conventional underwriting standards. By expanding the program to include seismic retrofitting, property owners will have easier access to finance life and property-protecting seismic upgrades.
Recent findings by UC Berkley researchers identify 1,500 concrete buildings that are seismically vulnerable in the Los Angeles area alone. The researchers state that in the event of a huge earthquake 75 are likely to collapse.
$3 Million for Expanding the Brace + Bolt Program
“It is not a question of if, but when an earthquake strikes. We must take immediate steps to protect property and save lives,” stated Assemblymember Adrin Nazarian. “We need to expand our residential Brace + Bolt program and incentivize property owners to seismically retrofit their large apartment buildings.”
The Brace + Bolt Expansion is a program offered through the California Earthquake Authority that provides $3,000 to assist homeowners in decreasing the potential for damage to their houses during an earthquake. A residential seismic retrofit strengthens an existing house, making it more resistant to earthquake activity, such as ground shaking and soil failure, by bolting the house to its foundation and adding bracing around the perimeter of the crawl space.
The mitigation program provides homeowners up to $3,000 to strengthen their foundation. A typical retrofit may cost between $2,000 and $10,000 depending on the location, the size of the house, and the amount of work involved. Houses that meet the state building code retrofit criteria typically were:
- Constructed before 1979;
- Built on a level or low slope site;
- Constructed with a four-foot (or less) cripple wall under the first floor;
- And have a raised foundation.
Additionally, Assembly Budget Subcommittee appropriated $5 million to build an Armenian American Museum, and $2 million for the African American Museum.
Adrin Nazarian represents the 46th Assembly District, serving the San Fernando Valley communities of Hollywood Hills, Lake Balboa, North Hills, North Hollywood, Panorama City, Sherman Oaks, Studio City, Toluca Lake, Valley Glen, Universal City, Van Nuys, and Valley Village.