Consideration of legislative issues as well as developing an understanding and perspective on the house of representatives and its role in our government. This coverage may not be used for any partisan Political Campaign purpose or be made available for such purposes. Finally, i want to welcome todays audience to this hearing which we will be conducting under the rules of the houseof representatives. And the committee on Financial Services. This hearing is entitled examining the homelessness crisis in los angeles. I now recognize myself for five minutes to give an opening statement. Again, good morning to everyone. Welcome to the committee on Financial Services. Field hearing. Again centitled examining the homelessness crisis in los angeles. This is our first full committee build hearing about 116 thomas. I would like to thank the California Africanamerican Museum and of course the executive director that you just met, George O Davis for hosting todays hearing. This mister chairwoman o
That commissioner safai has expressed. Our office funds and oversees compliance of a number of programs that serve households at 60 of ami and above that sara mentioned before. This includes funding new construction, Affordable Housing rental projects, preserving existing rentcontrolled housing through our smallsites program and Home Ownership loan assistance to middleincome households and we oversee the citys inclusionary program. So before i go into the specifics of these programs, i want to give you an overview of what Funding Sources our office has in serving middle income household and constraints for expanding what we can do. So the primary forces of funding we rely on to serve households 60 above ami, Housing Trust fund and 2015 housing bond. The Housing Trust fund allows us to serve households up to 120 of ami for production and rehab of Affordable Housing. We do set aside 10 of those funds for small site preservation. We also fund downpayment home assistance for firsttime home
Housing. We still have a lot more work to do, but relative to many parts of california and probably most cities in california, weve done exceedingly well, but we still have a significant amount of work to do. In the area of households between 55 and 150 to 175 a. M. I. , or socalled work force, middle class housing, weve done extremely, extremely poor. And one reasons why is that we, our market in San Francisco, has always taken care of that Housing Stock in the housing sector on its own, the richmond, sunset, always been areas and many more of San Francisco that took care of working and middle class families, but and this in many ways, this hearing is a continuation of the c conovversations that we had to talk about the housing and the focus is what are we doing to expand and fill in the gaps where the socalled missing middle or middle and working class families and low income are being left out of the conovversatio conversation. When homes are going far north of 1 million, we know we
Rehabilitation. So 10 of the total number, which at some point will grow to about 100 million a year . Yes. And you set 80 million for prop a dedicated toward middle income. Correct. And you listed out about 37 million that was spoken for. Where is the other 43 million . So for the 80 million, it includes production for the rental side as well as Home Ownership assistance. So that includes the dolp and tntd program. So what about the project you mentioned the project out in the sunset, teacher housing. Is that the one for 28 million . Yes, correct. Okay. So the 43 million, the delta cannot be going just to downpayment loan assistance so, there are probably other projects in the pipeline. Weve done one issuance for the prop a funds. And weve allocated the funds for both the teacher Housing Project and 88 broadway and then on top of that, we have allocated funds for downpayment assistance and teacher next door program. Well have two other issuances for the bond. So we havent expended the
San francisco that our city is polarizing. Many would argue that weve done a significant job of building enough marketrate housing, but statistics would say theres still a lot of demand out there for that housing. Same with regard to lowIncome Housing. We still have a lot more work to do, but relative to many parts of california and probably most cities in california, weve done exceedingly well, but we still have a significant amount of work to do. In the area of households between 55 and 150 to 175 a. M. I. , or socalled work force, middle class housing, weve done extremely, extremely poor. And one reasons why is that we, our market in San Francisco, has always taken care of that Housing Stock in the housing sector on its own, the richmond, sunset, always been areas and many more of San Francisco that took care of working and middle class families, but and this in many ways, this hearing is a continuation of the c conovversations that we had to talk about the housing and the focus is