Promising News for the Environment and California’s Communities
The Low Income Investment Fund (LIIF) and Enterprise Community Partners proudly support the innovative, long-term plan for California’s investment in equitable transit-oriented communities announced by State Senate pro Tem Darrell Steinberg, State Senator Kevin de Leon and Los Angeles Mayor Eric Garcetti. This new plan would ensure California remains a national leader on climate change policy by building on the state’s landmark cap-and-trade funding system and could generate an estimated $3-$5 billion annually to reduce greenhouse gas emissions.
The plan would commit 20% of the total cap-and-trade revenues to regional sustainable community strategies with at least half of that amount dedicated to green affordable housing in close proximity to transit. A new study by TransFORM and the California Housing Partnership Corp. found that low income households with good public transit access drive 50% less than those without it. In his statement about the plan, Mayor Garcetti noted, “We clean up the environment, but we also can provide housing. These things are inextricably linked. We can either do policy in vacuums, or we can bring them together and indeed change the quality of life from our health to our housing to our economic opportunities together.”
LIIF and Enterprise applaud these leaders for their innovative proposal and their ongoing commitment to California’s environment and communities. The plan must now gain support of the California Assembly and Governor as part of the state budget to be passed by June 30. If enacted, California will lead the way on a strategy to align social equity and climate change outcomes and be a model for states and regions across the country.
Through a national partnership, LIIF and Enterprise promote policies and cross-sector capital investments to ensure all communities benefit from the social and environmental value of equitable transit-oriented development. Our joint efforts include partnering with Living Cities to advance this work in several regions, creating financing tools like the Golden State Acquisition Fund and the Bay Area’s Transit-Oriented Affordable Housing Fund and co-authoring a report on the sector titled Filling the Financing Gap for Equitable Transit-Oriented Development.
For more information, please contact:
Craig Adelman, LIIF,
Heather Hood, Enterprise Community Partners, firstname.lastname@example.org, 415-400-0973