California lawmakers have approved more than $2 billion in new state spending on housing and homelessness. If that sounds like a big number, it is.

The lion’s share will target the state’s homeless population, including $650 million in grants for local governments to build and maintain emergency shelters and $100 million for wrap-around care for the state’s most vulnerable residents. That’s about 50% more than former Gov. Jerry Brown approved to fight homelessness last year at the urging of California’s big-city mayors.  Another $500 million will go to quintuple the size of the state’s premier affordable housing financing fund, a long-sought victory for low-income housing advocates who have sought an augmented funding source for years. The state Low  Income Housing Tax Credit Program provides tax credits that subsidize the creation or rehabilitation of housing reserved for low-income residents.

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