by Suzy Kim
The State legislature is considering two bills, Senate Bills (SB) 5 and 15, that would create up to $3 billion in one-time funding for housing, public improvements, and community revitalization projects by reallocating Educational Revenue Augmentation Funds (ERAF). Local agencies could apply for funding on an area-wide basis through SB 5, or a project-basis through SB 15. Both bills require matching resources (financial, land dedication, public-private funds, etc.).
At this point, SB 5 has a broader range of eligible projects and allows bonding but comes with more restrictions. The following table provides a brief comparison of the application process, financing, eligible process, and other requirements. For a more detailed comparison, click here.