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Governor Signs Addis Bill to Improve Funding Options for Senior Housing

For immediate release:

SACRAMENTO — Legislation authored by Assemblymember Dawn Addis (D- Morro Bay) to allow residential care facilities for seniors to access critical tax- exempt funding was signed by Governor Gavin Newsom today. Assembly Bill 839 – known as the Residential Care Facilities Grant Act – allows these facilities to access this funding through an affordable housing program known as the California Health Facilities Financing Authority.

“I’m grateful that Governor Newsom signed AB 839 in recognition that California’s senior community is growing rapidly and in need of quality, affordable care and housing,” Addis said. “This important legislation helps California fulfill its responsibility to care for our seniors by providing the kinds of housing we need now and into the future.”

The California Health Facilities Financing Authority was established in 1979 to provide financial assistance to public and non-profit health care providers, funded by the issuance of tax-exempt bonds. AB 839 adds residential care facilities for the elderly into the existing pool of eligible fund recipients, reducing borrowing costs for these essential care providers.

AB 839 will become law on January 1, 2024.

Dawn Addis was elected to the California State Assembly in 2022 to represent the coastal 30th Assembly District, which includes large portions of San Luis Obispo and Monterey Counties and the south-eastern area of Santa Cruz County.

CONTACT: Jim Evans, 916-319-2030