HOUSING AND EMERGENCY SHELTER TRUST FUND ACT OF 2006.
- Funds may be used for the purpose of providing shelters for battered women and their children, clean
and safe housing for low-income senior citizens; homeownership assistance for the disabled, military
veterans, and working families; and repairs and accessibility improvements to apartment for families
and disabled citizens.
- The state shall issue bonds totaling two billion eight hundred fifty million dollars ($2,850,000,000)
paid from existing state funds at an average annual cost of two hundred and four million dollars
($204,000,000) per year over the 30 year life of the bonds.
- Requires reporting and publication of annual independent audited reports showing use of funds, and
limits administration and overhead costs.
- Appropriates money from the General Fund to pay off bonds.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:
- State cost of about $6.1 billion over 30 years to pay off both the principal ($2.85 billion) and interest
costs ($3.3 billion) on the bonds. Payments of about $204 million per year.
|
