News…From the Desk of State Treasurer Fiona Ma, CPA

State Treasurer Fiona Ma

Last month the State Treasurer’s Office (STO) allocated $1.8 billion in bonding authority and $88.2 million in federal tax credits to spur production of 6,442 units of affordable housing. This brings the number of units we have financed during the course of 2019 to 17,360.

But this month’s workforce housing news does not stop there. The Governor and Legislature, by approving the Assembly Budget Committee’s game-changing AB 101 legislation, allocated another $500 million to build still more affordable housing.

To get this financing to developers as quickly as possible and spur as much housing renovation and construction as I can, I recently shepherded through a corollary realignment of our regulations. We have also moved to accept applications for tax credits earlier than in previous years.

You can learn more details about all of this on page two.

To follow all the developments on affordable housing involving my office, I invite you to follow me on social media and the news posted to my website.

In Peace & Friendship,
Fiona

Click to Read the Full Letter

ABCs of the BCAs

California Tax Credit Allocation Committee (CTCAC)
While upgrading California’s credit rating last month, Moody’s Investors Service also issued a shot across the bow of the state’s high cost of living, warning that it could gradually become “a greater drag on economic expansion if it limits the state’s population growth.”

High costs are predominantly a barrier to lower income residents, but if costs continue to rise they will start to erode the purchasing power of the state’s higher income residents, Moody’s points out.

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The Purrfect Chili

Kasey O’Connor, the indefatigable Legislative Director for State Treasurer Fiona Ma, proudly displays her blue ribbon after winning the annual STO chili cook-off on October 17. Her very spicy dish bested a field of nine other STO employee-contestants and won her the right to assign the donations raised by the cook-off to a charity of her choice. Kasey picked Itsie Bitsie Rescue, Inc.

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Ask the Treasurer

Dear Fiona,

I recently saw a post on your Facebook page about a free seminar for veterans your office hosted. I am a veteran looking to build a business. Unfortunately, I am unable to attend your seminar. Could you please share what resources are available to help start and grow my business?

– Adam

Read Fiona Ma’s Response

Top Billing

A monthly update on key legislation for Treasurer Ma

California Recycling Market Development Act

Assembly Bill 1583, Susan Talamantes Eggman (D-Stockton) https://a13.asmdc.org/

Establishes the California Recycling Market Development Act. This bill extends the sunset for the Recycling Market Development Zone Program and the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) advanced manufacturing program by five years to 2026. (Signed into law.)

See More Bills

Rebuilding After Wildfires

Treasurer Ma is prepared to help meet the rebuilding needs of communities devastated by wildfires, including the Kincade and Tick fires. The Treasurer can direct more investment dollars into local community banks, credit unions, and other financial institutions to benefit areas around the state impacted by the fires.

Read the Full Article

The Vault

Calendar of recent and upcoming public finance activities and bond sales

October 29

State Public Works Board Lease Revenue Bonds, 2019 Series C ($313.3 million)

Proceeds will provide funding for two (2) departments: Department of Forestry and Fire (CalFire) to fund the Ione Academy Dormitory project; and Department of Corrections and Rehabilitation (CDCR) to fund: (1) the Riverside County Jail project; (2) the Santa Barbara County Jail project; (3) the Tulare County Jail project; (4) the Sutter County Jail project; and (5) various CDCR Health Care Facility Improvement Program projects. Loop Capital Markets LLC and Siebert Cisneros Shank & Co., LLC served as joint senior managing underwriters, with Alamo Capital serving as co-senior manager. In addition, there were also 11 co-managers to round out the syndicate. The all-in true interest cost was 2.599% and final yields to investors ranged from 1.08% in 2020 to 2.29% in 2044.

The Ma Squad
Children’s Hospital Tour

Treasurer Ma presenting at the San Diego Housing Federation’s 29th Annual Affordable Housing and Community Development Conference. The event brings together hundreds of developers, builders, architects, lenders, property managers, service providers, elected and agency officials, staff, residents, and community and business leaders to share innovative approaches to affordable housing, community, and economic development.

Treasurer Ma delivers comments during a groundbreaking ceremony for the Martin Luther King, Jr. Behavioral Health Center in Willowbrook (Los Angeles County). The Treasurer chairs the California Health Facilities Financing Authority (CHFFA) board, which approved a $40 million grant under the Investment in Mental Health Wellness Act of 2013. The grant is funding 16 new crisis residential treatment beds for the facility.

Northern California STO External Affairs shares information on programs at the 2019 Women Veteran Alliance’s Unconference in Monterey. He was joined by program outreach teams from the STO representing ScholarShare, CalSavers, and the California Pollution Control Financing Authority (CPCFA). The Alliance provides support and resources to women who served in the military.

Treasurer Fiona Ma and senior staff members in Naples, Florida attending the annual national conference of the National Association of State Treasurers (NAST). The California State Treasurer’s Office (STO) is hosting NAST’s 2020 national conference next year in San Diego. The educational conferences give state finance officials and their staff opportunities to meet and discuss matters of mutual concern, as well as exchange information regarding best practices and innovative policies.

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Did You Know?

Public tours of your state Capitol are conducted each week,
every hour during business hours.Just show up at Room B-27! For more details, call (916) 324-0333.