State Treasurer meets with local leaders about Central Valley housing crisis

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From the Bay Area to Southern California, finding an affordable place to live is a problem for many.

From the Bay Area to Southern California finding an affordable place to live is a problem for many.

While the cost of housing in the Central Valley is lower than other regions many still can't afford to pay their rent or mortgage.

"Our market conditions and economic conditions are starting to have an impact on low-income families. We are starting to see to rent escalate at a faster rate than incomes increasing," said Preston Prince, Fresno Housing Authority C.E.O.

Friday morning Prince and several other local leaders met with State Treasurer Fiona Ma about the housing crisis in the Central Valley.

Fresno Housing Authority says there is a need for 40,000 affordable housing units in Fresno.

"It is a combination that we don't have enough and that some of the housing is there but it needs to be more affordable," said Prince

Prince says low income families in Fresno use 72% of their income for housing.

The average rent on a two bedroom apartment is over $1,000.

Treasurer Ma says California has tax credits and funds to work with developers who want build affordable housing anywhere in the state.

"We believe that there is going to be an influx of investment, private investment coming in. We want to be that match maker. So if you have projects here we want to bring investors here to invest into your projects," said Ma

California's 9% affordable housing tax credit help build the Legacy Commons Community Center.

The complex near Edison High School has 148 units.

Treasurer Ma says other tax credits and rent restrictions are other solutions that will help the current housing crisis.
Related Topics:
realestateaffordable housinghousinghousing marketrentersFresno
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