California News

Audit: California Agency Let $2.7B Of Affordable Housing Funds Expire

San Francisco Chronicle-

As California slid deeper into the housing crisis from 2015 to 2017, a state agency let $2.7 billion in bond capacity that could have been used to build affordable housing expire, according to a report from the state auditor’s office.

The blistering report, released this week, states that the bonds could have been used by developers to help build thousands more affordable housing units statewide.

State Auditor Elaine Howle said the bond allocations were mismanaged in part because California doesn’t have a clear plan on how to best use available funding for housing projects.

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