MARTINEZ – Assembly Member Mark DeSaulnier (D-Concord) introduced his first piece of legislation for the people of the Eleventh Assembly District. Assembly Bill 239 tackles the issue of high-priced housing in Contra Costa County, putting homeownership closer in reach for working families and seniors.

“We have a serious problem with a lack of affordable housing in Contra Costa. Our working families and seniors are being squeezed out of the market. For valued community members such as teachers, peace officers, public employees and young families, buying that first house is increasingly difficult without risky financing.  Some seniors are forced to live in dangerous accommodations in order to stretch limited monthly incomes,” said DeSaulnier.

“Many families must move to more affordable counties, commuting long hours and spending less time with their loved ones.  They are not able to participate in activities in the communities where they work. The increase in commuters creates more air pollution, clogs traffic and worsens the quality of life for all of the county’s residents.”

AB 239 will provide significant revenue for the county Housing Trust Fund by allowing the county to assess a $1 per page recording fee on real estate instruments, papers, or notices required or permitted by law in Contra Costa County. The monies generated by the fee will be used as a dedicated revenue source for the County’s already existing Housing Trust Fund. The Housing Trust Fund will be governed as a partnership between the cities, County and businesses.  The Housing Trust Funds will be used to address the wide range of affordable housing needs in the county, for very low, low and moderate income households.  Those needs include: new rental housing, preservation and rehabilitation of existing rental housing, homebuyer assistance, new housing construction and housing for special needs populations including seniors, group homes, emergency shelters, and transitional housing.

More importantly, the county has the opportunity to use the estimated $2 million generated through this fee to leverage available matching funds with the possibility of receiving six to eight times more money.

Though California has seen a softening market for housing, with a slowdown in home sales and new residential construction, as well as cooling prices, demand for housing in Contra Costa and the Bay Area has remained strong. 

In December, the median sales price for an existing condo or townhouse in the Bay Area was $496,000, while existing single-family homes hovered at a median price of $645,000 according to DataQuick Information Systems. Only 10% of Contra Costa residents can afford to purchase a median priced home.

 “The Housing Trust Fund is a small investment in the thousands of families and seniors in Contra Costa for whom homeownership and decent living conditions are out of reach.  A healthy housing market that is available to more County residents benefits our local economy, existing homeowners and those who are just entering the housing market.  It is legislation that makes sense and enriches our communities,” added DeSaulnier.