Wednesday, Mar 14 2012 3:42PM

A recently proposed bill in California would help fund programs for developing and maintaining affordable housing and creating jobs.

The Housing Opportunity and Market Stabilization Act would support the development, acquisition, rehabilitation and preservation of affordable homes for those living in California.

The state currently lacks enough affordable housing for a surplus of low-income families. Additionally, many families can't afford current rents. The generation of jobs from Bill 1220 would stimulate the job market, boosting income and allowing more households to pay for rent.

The demand for additional affordable housing stems from a lack or building in the last 20 years, according to Rob Weiner, director of the California Coalition for Rural Housing in Sacramento.

"A lot of people who needed rental housing in that period have simply left the rental market," said Weiner. "They’re homeless, living with parents, doubling and tripling up. Superficially, you look around and see there are so many units sitting empty, and the prices are lower. But there’s a mismatch between what’s available and what people can afford."

The Housing Opportunity and Market Stabilization would be in addition to the HOMeS Act, Senate Bill 1220, which would provide around $700 million annually through fees acquired through real estate transactions.

For further information, check out these sources: Multi Housing News