Join us on Tuesday, March 18 at 12:00 PM Noon (PST) for the March Webinar "How California's Housing Market Is Failing to Meet the Needs of Low Income Families." Registerhere
Join us for our March 2014 Webinar, "How California's Housing Market Is Failing to Meet the Needs of Low Income Families."
TheCalifornia Housing Partnership Corporationreleased a report that shows California's private housing market is not providing an adequate number of homes affordable to low-- and moderate--income households and calls on California's legislators to take immediate action to meet the housing needs of California's lowest--income residents.
Contrary to common belief, the study finds that the housing bubble burst and the ensuing foreclosure crisis have not made housing more affordable to lower-income households. In fact, rents were higher in 2012 than they were at the height of the housing boom in 2006 in nearly all metro areas.
One million low-income households in California do not have access to an affordable home, and not one county or legislative district in the state has an adequate supply of homes affordable to extremely low-income households, those earning 30 percent or less of their metro area's median household income. More than fifty percent of extremely low-income households are elderly or disabled and living on a fixed income. Combined with reductions in federal funds, investment in affordable homes in California has been reduced by more than $1.5 billion annually.