Governor Schwarzenegger Signs Legislation to Expedite Funding for Transportation and Housing Projects

Legislation Brings $300 Million Infrastructure Bonds to California's Economy

Governor Schwarzenegger today signed AB 1252 by Assemblymember Anna Caballero (D-Salinas), which will expedite $300 million in funding for important transportation and housing projects across California.

"This expedited funding will stimulate our economy, create thousands of jobs and help workers in the construction industry who have been hit especially hard by the mortgage crisis and housing slowdown," said Governor Schwarzenegger. "We are not waiting for the economy to pick up - we are taking action to keep California's economy growing, to keep people working and to keep rebuilding our great state."

AB 1252 expedites the following amounts to the Proposition 1C and Proposition 1B bond funds to augment specified appropriations in the 2007-2008 budget:

$100 million to augment the Regional Planning, Housing and Infill Incentive Account, 19 new projects;
$50 million to augment the Transit-Oriented Development Account, five new projects;
$87 million to augment the county portion of the Local Streets and Roads Program; and,
$63 million to augment the Grade-Separation program

This year the Governor has taken a number of actions focused on stimulating California's economy including:

Oversaw the allocation of nearly $4 billion in Proposition 1B bond funding for transportation and goods movement projects across the state in fiscal year 2007-08. Approximately $3.3 billion has been allocated this calendar year.
Awarded more than $880 million in Proposition 1C funds which have created or incentivized more than 21,000 housing units and improved infrastructure (includes AB 1252). $598.1 million has been allocated this calendar year.
Announced $10.5 million to train workers displaced by the housing slump.
Announced $463 million in Proposition 1D funds for 29 California charter schools.
Announced $412 Million in construction grants to California schools.
Awarded $5.6 million to help displaced mortgage and banking workers find new jobs.
Awarded more than $2.7 million to registered nurse training programs to help boost the health care workforce in underserved areas.
Awarded more than $6 million in grants to help more than 1,500 newly discharged veterans as they return to the civilian workforce.
Announced $69.5 million in permanent low-interest loans from the Proposition 1C housing bonds to jumpstart 14 affordable multi-family projects up and down the state, helping more than 1,000 California families and individuals realize the dream of an affordable rental home.
Led efforts urging Congress and the Bush Administration to raise federal loan limits
Backed federal legislation allowing thousands of additional California veterans to apply for Cal-Vet low Interest home loans.
Urging the federal government to increase infrastructure investment is a key part of the Governor's multi-pronged approach to rebuilding California. Earlier this year, Pennsylvania Governor Edward Rendell and New York City Mayor Michael Bloomberg joined Governor Schwarzenegger to form a new bipartisan, multi-state coalition called, "Building America's Future," to rally support for federal infrastructure investment and put pressure on presidential candidates to increase federal support of infrastructure. In February, the Governor called on the federal government to increase infrastructure investment and welcomed 13 more governors from across the nation to the "Building America's Future" coalition.