Today, the California Housing Partnership and Enterprise Community Partners published a report that uses newly available data to assess the climate and community benefits delivered by the Cap-and-Trade-funded Affordable Housing and Sustainable Communities (AHSC) program through its first three funding rounds. To date, the program has awarded $701 million to 77 location-efficient developments across the state that combine affordable housing and transportation infrastructure.
The report finds that AHSC has largely delivered on the ambitious goals set by the California Legislature, including:
- New Affordable Homes: AHSC has provided critical funding for 6,443 affordable homes for low-income Californians. During the 55-year period these homes are required to remain affordable, residents will save approximately $3 billion in avoided rent, which they will be able to spend on essentials such as food, transportation, and health care.
- Greenhouse Gas Reductions: AHSC-funded developments will reduce more than 1.6 million metric tons of CO2 over the course of their operating lives.
- Jobs and Economic Impact: AHSC-funded developments will support more than 14,600 jobs, $1.2 billion in wages and business income, and more than $464 million in revenue for state and local government during construction.
- Healthy Mobility Options: AHSC funds pedestrian and bike improvements that increase community safety and active transportation and mobility, including 86 miles of new or improved bike lanes and 671 new or improved crosswalks.
- Air Quality Improvements: Awarded developments from Round 3 will reduce approximately 195,000 pounds of air pollutant emissions over the course of their operating lives, mostly in disadvantaged and low-income communities.
Quantifying the impact of affordable housing programs at the level of detail included in this report is rare – and would not have been possible without the cooperation of the Strategic Growth Council (SGC) and the California Air Resource Board (CARB).