Assemblymember Kevin McCarty and colleagues introduce legislation to create a $5 Billion program to build needed UC and CSU student housing

(SACRAMENTO) – Today Assemblymembers Kevin McCarty (D-Sacramento), Sabrina Cervantes (D-Corona), Jose Medina (D-Riverside) and Phil Ting (D-San Francisco) introduced the Student Housing Revolving Loan Fund Act to expand affordable housing options for California college students. This $5 billion self-sustaining fund will provide zero-interest loans for the University of California (UC) and California State University (CSU) to construct approximately 25,000 student housing beds at below market rents.

Nearly half of all students enrolled at the CSU, and 40% of students at the UC are low-income and struggle to afford the rising costs of attending college. Housing insecurity negatively impacts students’ ability to attend and perform well in classes, and it’s linked with a higher risk of withdrawing or refraining from registering for classes.

“We have a college affordability crisis and a housing affordability crisis in California.  This bill addresses both of these important issues. We’ll help existing students thrive by addressing basic housing needs,” said Assemblymember Kevin McCarty. “And we’ll be able to significantly grow UC and CSU enrollment by proving new student housing beds."

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Kevin McCarty represents California’s 7th Assembly District, which include the cities of Sacramento, West Sacramento and unincorporated Sacramento County. McCarty serves as Chair of the Assembly Budget Subcommittee on Education Finance. Website of Assemblymember Kevin McCarty: https://a06.asmdc.org/