California State Treasurer Fiona Ma applauded Governor Gavin Newsom for again allocating $500 million in state low-income housing tax credits to the California Tax Credit Allocation Committee (CTCAC). This is the fourth fiscal year that Governor Newsom has proposed this historic investment to fast track affordable housing projects in California financed through CTCAC and the California Debt Limit Allocation Committee (CDLAC).
CTCAC and CDLAC Units Created:
2017 – 14,091
2018 – 19,759
2019 – 21,311
2020 – 24,387
2021 – 22,946
“We continue to approve more housing applications that have been sitting on the shelf thanks to this extra boost every year. We look forward to another oversubscribed, competitive year,” stated the Treasurer, who chairs both CTCAC and CDLAC.
The Governor’s FY 2022-2023 proposed budget also provides an additional $170 million to support deposits for first graders in the California Kids Investment and Development Savings Program (CalKIDS). Every 1st to 12th grade public school student who qualifies for free or reduced lunch will automatically have a CalKIDS account created and seeded with $500. Foster youth and homeless students will receive an additional $500 for a maximum amount of $1,500.
With the state’s huge commitment to our next generation, CalKIDS is expected to become the largest children’s savings account program in the nation. Our Scholarshare 529 Team is hard at work on launching CalKIDS in summer of 2022.
“Kudos to Governor Newsom and the Legislature for this groundbreaking game-changer to tackle child poverty in California. It will help our next generation stay out of high student loan debt and increase opportunities for higher education,” said Treasurer Ma.