HomeMy WebLinkAboutAB 736 (Wicks) - Affordable Housing Bond Act of 2026 - City of SLO - Letter of SUPPORTCity of San Luis Obispo, Office of the City Council, 990 Palm Street, San Luis Obispo, CA, 93401-3249, 805.781.7114,
slocity.org
April 28, 2025
Assemblymember Matt Haney
Chair, Assembly Housing and Community Development Committee
1020 N Street, Room 156
Sacramento, CA 95814
Assemblymember Buffy Wicks
Chair, Assembly Appropriations Committee
1021 O Street, Suite 8220
Sacramento, CA 95814
RE: AB 736 (Wicks) Affordable Housing Bond of 2026 - Notice of SUPPORT
Dear Assemblymember Haney and Assemblymember Wicks,
On behalf of the City of San Luis Obispo, I write in strong support of AB 736, which proposes
the placement of a $10 billion General Obligation bond on the June 2026 ballot to fund
critically needed affordable and supportive housing across California.
San Luis Obispo and communities throughout the state are working diligently to increase
housing supply, particularly for lower-income residents. Thanks to state action in recent
years to modernize land use and zoning laws, cities like ours have approved numerous
affordable housing projects. However, a persistent lack of funding remains the primary
barrier to construction. Many shovel-ready developments cannot move forward due to the
oversubscription of state housing funds, putting housing stability and affordability further
out of reach for Californians.
AB 736 represents a timely and strategic investment in California’s long-term housing goals.
It would fund:
• $5.25 billion for the Multifamily Housing Program (MHP) and $1.75 billion for
supportive housing, including capitalized operating subsidy reserves
• $800 million for preservation through the Portfolio Reinvestment Program
• $500 million for the Community Anti-Displacement and Preservation Program (CAPP)
• $1 billion for CalHome and home purchase assistance
• $250 million each for the Tribal Housing Grant Program and the Joe Serna, Jr.
Farmworker Housing Grant Program
• $200 million for the Low-Income Weatherization Program
These resources would facilitate the construction of nearly 35,000 new affordable rental
units, preserve or rehabilitate over 42,000 homes, and support homeownership for more
than 13,000 low-income households. Critically, these investments would be leveraged with
local, federal, and private funds—generating a return on investment while addressing one
of the state’s most urgent crises.
Housing and homelessness response remain top priorities for the City of San Luis Obispo in
our current and upcoming Financial Plan. We are actively pursuing strategies to reduce
homelessness and expand the supply and affordability of housing. Our region faces some of
the highest housing costs in the state relative to income, placing increasing pressure on
working families, students, and seniors. AB 736 provides a critical and timely tool to help
translate local planning efforts into real, lasting housing solutions.
The City of San Luis Obispo urges your support for AB 736. A bold, statewide commitment to
funding affordable housing is essential to meeting the moment, sustaining local progress,
and creating a more equitable and resilient California for all.
Sincerely,
Erica A. Stewart
Mayor
City of San Luis Obispo
cc. Senator John Laird
Assembly Member Dawn Addis
Dave Mullinax, League of California Cities
League of California Cities, cityletters@cacities.org