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OCBC HOSTS CA HOUSING DIRECTOR BEN METCALF FOR ‘BY-RIGHT’ HOUSING PROPOSAL ROUNDTABLE

OCBC hosted a forum, followed by a roundtable discussion, Tuesday featuring Ben Metcalf, Director, California Department of Housing and Community Development, as well as other key regional community and business leaders to address Governor Brown’s plan to fast track affordable housing approvals and infuse $400 million into the affordable housing development. California has built less than 45 percent of the homes needed to adequately house its growing population and 1.5 million households spend more than 50 percent of their income on rent. Forum participants noted, and Metcalf agreed, that $400 million is far short of what is needed to solve the housing crisis, but that it was a start and sustainable funding for housing development is needed.  The $400 million is attached to the Governor’s “By-Right” proposal, which must be passed by legislators by the end of the legislative session this month. By-Right removes project approval uncertainty by allowing developers to construct projects without additional discretionary review as longs as it meets the development standards of the site.
Metcalf affirmed that land use decisions previously approved by local cities and counties would remain in place and opponents of By-Right suggested that there is room for compromise on the plan.  Forum panelists, moderated by Lucy Dunny, President and CEO, included Steve PonTell, National CORE Renaissance; Laura Archuleta, Jamboree Housing; and Darrell Johnson, OCTA. CLICK HERE for a story from the OC Register. For more information, contact Larry Brose, Vice President, Investor Relations and Business Development.

Posted on August 9, 2016

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