By Xavieria Terry, Assembly Member Jesse Gabriel District 46

SACRAMENTO, CA — Today, California Governor Gavin Newsom signed Assembly Bill (AB) 2020, bipartisan legislation authored by Assemblymember Jesse Gabriel (D-Encino) that supports the development and maintenance of affordable housing by enabling builders to use their existing portfolio resources to stabilize at-risk affordable housing developments and protect vulnerable residents who rely on them.

“California’s affordable housing developments currently operate on razor-thin margins,” said Assemblymember Jesse Gabriel (D-Encino). “We cannot afford to lose units that took years and significant public investment to create — especially to a foreclosure that could have been prevented. Preserving what we’ve built is far more cost-effective than starting over. AB 2020 gives the state a smart, practical tool that helps keep these properties afloat and keeps vulnerable Californians housed, and I applaud Governor Newsom for his signature on this important measure.”