{"id":2263,"date":"2021-03-31T09:57:51","date_gmt":"2021-03-31T09:57:51","guid":{"rendered":"https:\/\/NewsUpNow.org\/?p=2263"},"modified":"2024-02-08T00:53:14","modified_gmt":"2024-02-08T00:53:14","slug":"how-did-2-7-billion-in-housing-bonds-disappear","status":"publish","type":"post","link":"https:\/\/newsupnow.org\/news\/how-did-2-7-billion-in-housing-bonds-disappear\/","title":{"rendered":"How did $2.7 billion in housing bonds disappear?"},"content":{"rendered":"


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IN SUMMARY<\/p>\n

An audit found an obscure state committee led by top elected officials missed spending deadlines for affordable housing bonds nearly a decade ago. Few are around to explain why.<\/em><\/p>\n

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Before California’s housing shortage contributed to a surge in homelessness<\/a> and tipped median home prices close to $700,000<\/a>, an obscure state financing agency led by top elected officials had the opportunity over the last decade to help private developers build a trove of affordable housing.<\/p>\n

The California Debt Limit Allocation Committee, an arm of the State Treasurer’s Office that issues bonds for private projects with a public benefit, was tasked with getting $3.5 billion in tax-exempt housing bonds out the door. Such financing is often used by the government as an incentive for builders and developers to help increase the state’s inventory of houses and apartments.<\/p>\n