Legislation to Facilitate Financing of Housing for Homeless Signed by Governor

SB 482 will make it easier to fund housing developments with supportive services for homeless residents with the greatest needs 

SACRAMENTO – Legislation by Sen. Catherine Blakespear, D-Encinitas, to encourage the development of housing units that serve unhoused individuals with little or no income and the greatest needs was signed into law by Gov. Gavin Newsom on Wednesday.

SB 482 requires the state Department of Housing and Community Development to offer capitalized operating subsidy reserves (COSRs) to special needs units funded through the Multifamily Housing Program. COSRs are important because if granted, they set aside upfront money to cover 15-20 years’ worth of deficits in annual operating revenues for housing developments, making it easier for the developments to get financed and built.

“I thank Gov. Newsom for signing SB 482 and ensuring that housing that provides needed services to the state’s most vulnerable homeless can be more easily financed,” Blakespear said. “We know that one crucial element of reducing homelessness in California is providing people who are unsheltered with housing that includes mental health care, substance abuse treatment and other needed serves to help them turn their lives around.”

Housing with supportive services is imperative in helping people who are homeless address personal health or substance abuse problems or get other help they need. These units often offer case management, medical and mental health care, substance abuse treatment and employment services, among other resources. This is essential for helping people who are struggling to build more stable lives and transition out of homelessness.

A study conducted by UC San Francisco of California’s homeless residents and published in June said that two-thirds of those they surveyed suffered mental health symptoms and one-third had substance abuse problems.

Blakespear has worked to reduce homelessness both as a state senator and previously as mayor of Encinitas. She held a Homelessness 101 Workshop in August and is holding an Ending Homelessness Summit on Oct. 26. For more information, visit her Addressing Homelessness web page.

Elected in November, Blakespear represents Senate District 38, which covers northern San Diego County and part of Orange County. To learn more about the district and Blakespear, visit her Senate website. 

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