Transcript Highlights:

• There is no evidence that high interest rates compel payment.
• And actually, there is accountability for non-payment.
• President, my local hospital's got 11 days of cash on hand to pay their bills.
• President, my local hospital's got 11 days of cash. days. Mr.
• President, my local hospital's got 11 days of cash on hand to pay their bills.

Bills: SB5223 , SB5993 , SB5831 , SB5928 , SB6183 , SB6071 , SB5995 , SB5966 , SB5841 , SB5840 , SB6061 , SB6058 , SB5931 , SB5944 , SB5520 , SB6011 , SB6087 , SB6076 , SB5916 , SB6016 , SB5936 , SB6137 , SB5185 , SB5956 , SB6025 , SB6009 , SB5833 , SB6161 , SB6188 , SB5890 , SB5917 , SB5820 , SB5973 , SJM8015 , SB5816 , SB6136 , SB6091 , SB6024 , SB5223 , SB6178 , SB5892 , SB5177 , SB6039 , SB5941 , SB5993 , SB5831 , SB5928 , SB5912 , SB6183 , SB6071 , SB5995 , SB5966 , SB5841 , SB5840 , SB6061 , SB6058 , SB5931 , SB5944 , SB5520 , SB6011 , SB6087 , SB6076 , SB5916 , SB6016 , SB5936 , SB6137 , SB5185 , SB5956 , SB6025 , SB6009 , SB5833 , SB6161 , SB6188 , SB5890 , SB5917 , SB5820 , SB5973 , SJM8015 , SB5816 , SB6136 , SB6091 , SB6024

Keywords: criminal offense, fingerprinting, law enforcement, state regulations, public safety, medical debt, interest charges, consumer protection, healthcare, financial burden, mortgage modification, uniform regulations, homeowners, financial stability, foreclosure prevention, wildfire risk, disclosure, safety, environmental policy, risk assessment

Transcript Highlights:

• Putting artificial time caps on reimbursement, removing long-standing modifiers, or bundling payments
• When insurers cut payments to providers, it adds to their profits, not a decrease.
• This included during COVID, where days of cash on hand drifted in and out of the danger zone.
• Days of cash on hand drifted in and out of the danger zone.
• Where does the stipend and the payment for the drug testing and the program costs come from?

Bills: HB1812 , HB2232 , HB2250 , HB2340 , HB2577

Committee: House Health Care & Wellness

Keywords: anesthesia services, healthcare access, reimbursement, patient care, equitable treatment, emergency services, healthcare outcomes, health infrastructure, system improvement, charity care, residency requirements, medical assistance, low-income, HB 2340, nursing assistants, nurse aide, substance use disorder monitoring program, monitoring program, credentialing, licensure

Transcript Highlights:

• That sort of makes up that cash balance that's fairly large.
• That sort of makes up that cash balance that's fairly large.
• payments for services to people, which was not our budget in the last two major downturns.
• The calendar year 2025 provider payments are going out.
• The more than $10 billion, I'm sorry, $7 billion in TANF cash assistance that's been held.

Committee: Senate Budget and Fiscal Review

Transcript Highlights:

• I think the hardest challenges we have is that it's cost reimbursable, and they can't find the cash to
• We told them, if you intervene now in March, because June was coming up, that first line of cash, the
• A few months before it was due for a grand opening, the contractor asked for a final payment.
• That final payment was never delivered, so the contractor put a fence around it.
• Then it goes into the executive side, which has a cash kitty that they can charge this to and expend

Transcript Highlights:

• Bernard, you say healthy cash balance. What is the balance? Give us a number.
• What is the current cash balance of this fund? Mr. Bernard.
• Chairman, Representative, or Chairman Redman, as well, the current cash balance is $6,460,827.
• Bernard, what would be the recommended cash balance then? How far over are we? Mr.
• We wanted to see what these fee decreases would do to this board's cash balance.

Committee: House Business

Transcript Highlights:

• including the costs associated with unanticipated actual changes in annual FTE enrollment and temporary cash
• The minimum requirements include monthly expenditures, revenues, cash balance, interfund loan activity
• end of the reporting month, the OSPI is authorized to withhold subsequent monthly apportionment payments
• monthly data requirements are not met, then the OSPI may withhold subsequent monthly apportionment payments
• And our federal impact aid payments, they come in the spring unless there is a delay.

Bills: HB2440 , HB2551 , HB2593

Committee: House Education

Keywords: education, ombudsman, record-keeping, transparency, advocacy, school funding, financial solvency, education budget, district financial health, state funding, accounting, budgeting, reporting

Transcript Highlights:

• inability of local governments to pay exact change to the last cent for residents paying a bill in cash
• What this means is that if you go in with cash to pay for your property tax and you're owed a few pennies
• treasurers that, as the mint has stopped producing the penny, they would not be able to provide those cash
• So this is really only in this scenario where someone is paying in cash.
• It is just the circumstance where individuals of the public who prefer to pay in person in cash, if the

Summary: The Assembly Local Government Committee heard several bills related to local government finance and development. SB 1005 would authorize local agencies to adopt a five-cent rounding system for cash transactions if penny shortages make exact change impractical, with the author and supporters from county treasurers, cities, special districts, and local government associations arguing it would provide legal clarity and reduce costs. SB 1036 would require local jurisdictions to give credit for prior site uses when calculating mitigation fees on redevelopment or adaptive reuse projects, with supporters from SPUR, Realtors, AARP, the building industry, and housing-related groups saying it would prevent duplicative fees and better align charges with new impacts only.

Transcript Highlights:

• These payments to the State Retirement Board would be unsustainable and certainly would lead to large-scale
• regional planning agencies' overhead rates are limited and capped by federal regulations, and the payments
• the Commonwealth's regional planning agencies by ensuring that we are not held liable for these payments
• the Commonwealth's regional planning agencies by ensuring that we are not held liable for these payments
• , which contained fees totaling 2.4% annually, and second, when I transitioned from my 403(b) to a cash

Committee: Joint Joint Committee on Public Service

Summary: The committee heard testimony on several public service and retirement-related bills. Senator Kelly Dooner and Rep. O’Rourke supported a Taunton home rule petition to extend Chief Walsh’s service during the city’s transition to a new public safety facility, citing the need to manage new equipment, cameras, and 911 systems smoothly. Senator Lovely testified in favor of bills expanding retirement savings access through the SMART Plan and the CORE Plan, arguing that automatic enrollment and broader eligibility would help state, municipal, and nonprofit workers save for retirement. No questions were raised on the Taunton petition, and the hearing later moved through the remaining testimony without any votes taken during the transcript. Mary Waldron of the Old Colony Planning Council and Jeffrey Walker of the Southeast Regional Planning and Economic Development District urged support for legislation protecting regional planning agencies from being required to make retroactive payments to the State Retirement Board for past employer contributions. They warned that the costs would be unsustainable, could force layoffs or closures, and would jeopardize their ability to provide transportation, housing, economic development, and planning services. Bill Keith and Patrick Charles of PEREC testified on several retirement administration bills, including measures to ease statement-of-financial-interest filing rules, require payment for certain creditable service purchases, and clarify the definition of wages to include sick, vacation, and personal time; committee members asked questions about regional transit authorities joining retirement systems and about adding local retirement board representation to a proposed commission. Jonathan Osimo and Rob Fabino of the Massachusetts Teachers Retirement System supported bills to penalize delinquent pension reporting by employers and to create a special commission to study retirement credit purchases, saying better reporting would improve retirement processing and that a broader review could improve fairness and sustainability. Eddie Boynton of the Braintree Education Association backed the SMART Plan bill, describing how automatic enrollment and low-fee fiduciary oversight could protect educators from high-cost supplemental retirement products. Matthew Nugent testified for a bill to divest public pension funds from firearms and ammunition. After the final witnesses, the chairs asked if anyone else wished to testify, heard none, and then adjourned the hearing.

Transcript Highlights:

• Liza Hirsch from the Attorney General's Office on Senate Bill 161, an act providing for a guaranteed cash
• office, I'm here to express our strong support for Senate Bill 161, an act providing for a guaranteed cash
• Access to cash assistance during early pregnancy should follow those other models.
• Providing a cash stipend for transition-age youth would do wonders for those in the system.
• These monthly payments could be the difference...

Committee: Joint Joint Committee on Children, Families and Persons with Disabilities

Summary: The committee hearing covered a wide range of child welfare, family support, and human services bills. Testimony strongly supported a guaranteed cash stipend for young adults aging out of foster care (S.161), with the Attorney General’s Office, youth advocates, and foster care providers describing high rates of homelessness and poverty after exit from care. Providers also urged action on a resolve to study the foster care liability insurance crisis (H.197/S.1280), saying premiums and coverage losses are forcing program cutbacks and could reduce foster care capacity statewide. Another major topic was a direct care worker medication administration program registry (H.237/S.162), which supporters said would help recruit and train workers, especially bilingual staff, to address workforce shortages in human services. Several bills focused on child protection and child welfare system practices. Supporters of H.267/S.145 called for advance notice to children’s attorneys when placements or other major events change, arguing that timely communication is essential to prevent unnecessary disruption and improve advocacy. Testimony also backed legislation to formally recognize and strengthen children’s advocacy centers and the Massachusetts Children’s Alliance (H.233/S.112), with prosecutors and CAC leaders describing the trauma-informed model as a longstanding, effective response to child abuse and trafficking. A bill to establish a Massachusetts children’s cabinet (S.115) drew support from advocates who said cross-agency coordination is needed to align policy and funding for children’s well-being. The committee also heard testimony on bills addressing safety, equity, and family support. Senator Lovely and survivors supported S.152, which would create a civil cause of action for sexual abuse by adults in positions of authority or trust, with witnesses describing grooming and power imbalances in schools and youth-serving settings. H.274, a bill of rights for people experiencing homelessness, was supported by advocates who said it would add anti-discrimination protections and voting and privacy rights amid rising criminalization of homelessness. H.272/S.171 to protect maternal health received support from Rep. Montaño, MLRI, and a physician, who said the bills would make cash assistance available earlier in pregnancy and remove the medical-verification barrier. H.4216 on equitable hair care for children in state custody was supported by social workers and advocates who said hair care is tied to identity, dignity, and mental health. H.255 on empowering early educators drew testimony about barriers faced by renters and condo owners trying to open home-based child care programs. H.217, concerning resources and support for pregnant and parenting families, drew testimony from anti-abortion pregnancy resource center advocates. No votes were taken during the hearing, and several bills had no one signed up to testify or were deferred when witnesses were unavailable.

Transcript Highlights:

• Because if you don't, then I don't think we can proceed with payments.
• </c> we have some uh authority to do cash we have some uh authority to do cash advance<00:46:54.880><
• </c> at least one visit before final payment at least one visit before final payment on<01:06:28.279>
• </c> for payment for payment um<01:08:56.560><c> checking</c><01:08:56.880><c> out</c><01:08:57.040><
• </c> grantees must submit their final payment grantees must submit their final payment request<01:09:

Committee: House Fraud Prevention and State Agency Oversight Policy

Transcript Highlights:

• Companies like ADP payroll, Airbnb payments are all examples of companies that have money transmitter
• Companies like ADP payroll, Airbnb payments are all examples of companies that have money transmitter
• When a payment method is overwhelmingly tied to fraud and offers victims very little chance of recovery
• For House Bill No. 435, House Bill 435 promotes payment parity in anesthesiology by prohibiting health
• Advancing payment parity through HB 435 will strengthen Delaware's health care workforce by helping to

Bills: HB373

Committee: Senate Banking, Business, Insurance & Technology

Summary: The Senate Banking, Business, Insurance & Technology Committee met in hybrid format and heard testimony on several bills. HB 373, as amended, would regulate hemp-derived THC-infused beverages by defining the products, limiting them to 10 mg of Delta-9 THC per container, restricting sales to package stores and licensed marijuana retail stores, requiring testing and labeling, and imposing a 50-cent per container tax; the sponsor said the bill is intended to create guardrails and protect youth, and a wholesaler representative testified in support. HB 398 would allow racinos to serve alcohol until 2 a.m. and remove local authority to require earlier closing times; the sponsor and Bally’s representative said it would help Delaware remain competitive and increase revenue, and no opposition was heard. HB 433 would let municipalities and counties extend last call for bars, restaurants, and clubs from 1 a.m. to 2 a.m.; a witness from Connect Delaware supported it as a competitiveness and retention measure, emphasizing that it is permissive rather than mandatory. The committee also heard extensive testimony on HB 441, which would ban cryptocurrency kiosks/crypto ATMs in Delaware and require existing machines to be removed within 90 days. The sponsor and supporters, including AARP, the Delaware Department of Justice, and the League of Women Voters, argued the machines are heavily used in scams, especially against older adults, and that regulation has not been effective. CoinFlip opposed the bill, saying it is a regulated operator, that the fraud statistics are overstated or incomplete, and that Delaware should instead adopt a regulatory framework and amendment. HB 465 would update the criminal code to formally define virtual currency and incorporate it into theft, money laundering, racketeering, and search-and-seizure provisions; the sponsor said it would align Delaware law with modern crypto-related crimes, and no opposition was presented. The committee then heard HB 467, which would prevent landlords from requiring renters to buy insurance from a specific company while still allowing them to require coverage meeting lease terms; the sponsor described it as a consumer-choice bill and there was no public opposition. HB 435 would require payment parity for certified registered nurse anesthetists and physicians when the same services are provided; the sponsor, nurse anesthetists, the Delaware Health Care Association, the Department of Insurance, and ChristianaCare supported it as a workforce and access-to-care measure, with no opposition. Finally, HS 1 for HB 450, the Road DE Act, would overhaul permitting and traffic-impact review, emphasize peak-hour traffic, set density standards in growth areas, create a transportation impact fee, and direct some revenue to open space, farmland, and coastal restoration; realtors, builders, environmental groups, engineers, and GEAR supported it as a way to speed permitting, reduce sprawl, and improve infrastructure planning. The committee adjourned after public comment; no votes were recorded in the transcript.

Transcript Highlights:

• So the $20 billion in 2045, to build it in 2032 and 2033, we need to find a way to advance the cash.
• Yeah, I would say, Senator, in terms of the $39 billion projection of cash that we'll have available
• Yeah, I would say, Senator, in terms of the $39 billion projection of cash that we'll have available
• They will do the financing, meaning they can advance the cash.
• As the CEO mentioned, there are two different mechanisms: the availability payment model or a revenue

Summary: The Senate Budget Subcommittee No. 5 heard an update from the California High-Speed Rail Authority on its draft 2026 business plan and related budget proposals. The Authority reported continued Central Valley construction progress, including completion of 59 of 92 major structures, 80 of 119 miles of guideway under construction, 93% utility relocation completion, and plans to begin track laying and electrification soon. It said the revised goal remains completing the Merced-to-Bakersfield early operating segment by 2032-33, while also pursuing ancillary revenue opportunities, a private partner through a co-development procurement, and two budget change proposals to reappropriate $423 million for Link Union Station and $246 million in federal trust funds before they expire. The Legislative Analyst’s Office said it had no specific concerns with the budget change proposals but raised major concerns about the draft business plan and the project’s broader fiscal outlook. LAO said the plan appears incomplete in several respects, that funding is likely insufficient to complete the revised initial operating segment and would leave a larger gap for expansion beyond the Central Valley, and that borrowing costs, optimistic assumptions, and uncertainty around future greenhouse gas reduction fund revenues could worsen the outlook. LAO suggested the Legislature could wait for a finalized business plan and highlighted unresolved questions about the scope of the project, borrowing, public-private partnerships, and proposed statutory changes. Members focused on whether the project can be delivered on time and what financial obligations the state could face. Senators questioned the need for tax increment financing, value capture, and other legislative changes, with concerns about impacts on local governments and school districts. The Authority said utility relocation authority is its top legislative priority and that value capture is a longer-term tool that would not affect civil construction of Merced-to-Bakersfield, but could affect payback timing. It also said the state’s $1 billion annual cap-and-invest funding through 2045 is currently assumed to cover the Central Valley segment, while private partners could either finance against that state commitment or invest additional capital in other segments. Public testimony was mixed: building trades and labor groups supported the project and the Authority’s request, while local government and special district representatives opposed tax increment proposals and urged consent from affected agencies; environmental and rail advocates supported the project and urged action on utility relocation. No votes were taken, and the hearing adjourned after public comment.

Transcript Highlights:

• The contractor would take the payment, partial payment, or the entire payment, and not do the work.
• and not do the or the entire payment and not do the work.<00:07:34.240><c> Then</c><00:07:34.479><c>
• So, now they’re driving a $20,000 truck that they owe $30,000 on, which hurts their cash flow in the
• So, now they’re driving a $20,000 truck that they owe $30,000 on, which hurts their cash flow in the
• flow in the meantime, but as they cash flow in the meantime, but as they go<00:21:17.600><c> to</c><

Committee: Senate Banking & Insurance

Transcript Highlights:

• those payments.
• And I was like, oh, are you going to pay cash for it?
• And I was like, oh, are you going to pay cash for it?
• And I was like, oh, are you going to pay cash for it? Oh, uh, are you going to pay cash for it?
• Pay cash? Like, total poor person fumble. You would never pay cash when you could get a mortgage.

Committee: House Taxes

Transcript Highlights:

• And doing that, we'd be asking for the cash and the authority.
• , so they would have that information of the overall look of the cash in the fund."
• And this last fiscal year 25, it was only 0.7% that was in default payment.
• And this last fiscal year 25, it was only 0.7% that was in default payment.
• So it's just actually getting the cash to actually realize that full amount of spending.

Committee: House Budget

Transcript Highlights:

• cash cash balance has um our our average cash cash balance has has<00:01:12.080><c> been</c><00:01:12.320
• So obviously our our cash continued.
• </c> complicating factor of pilots payments complicating factor of pilots payments in<00:43:27.359><c
• </c> order, she could not invest the cash order, she could not invest the cash states<01:16:49.199><c
• ><c> rainy</c><01:16:51.040><c> day</c> states cash reserves or the rainy day states cash reserves or

Committee: Senate Ways and Means

Transcript Highlights:

• This would cause the fund to go negative, so there'd be no impact on the payment of benefits.
• of benefits New Hampshire on the payment of benefits New Hampshire would<02:06:42.199><c> continue</
• House Bill 442, relative to prohibiting payment of subminimum wages. Uh, over to you, please.
• </c><03:34:05.000><c> tips</c> who say that tips are being cash tips who say that tips are being cash
• He asked whether he could tell the server to pocket the cash tip specifically. Representative D.

Committee: House Labor, Industrial and Rehabilitative Services

Transcript Highlights:

• to improve state cash management practices, reviewing state- and opportunities to improve state cash
• cash flow needs, identifying cash management practices to improve cash structures and to provide transaction
• practices, reviewing state agency and statewide operational cash flow requirements and forecast cash
• The state holds approximately 11% of its funds in cash or cash equivalents, which are utilized to fund
• The state holds approximately 11% of its funds in cash or cash equivalents, which are utilized to fund

Summary: The Leadership Division of the Budget Section approved the prior meeting minutes and then received an update from Senator Jonathan Sickler on the Cash Management Board’s interim work under House Bill 1278. He said the board has reviewed state cash, investments, and liquidity across agencies and concluded the state’s overall mix of long-term and short-term assets is appropriate, with about $35 billion in total liquid assets and investments and roughly 89% in longer-term investments. He highlighted process improvements already underway, including replacing more than 500 six-month CDs with a special-rate savings account to reduce administrative work, and said the board sees opportunities to improve forecasting, automation, and statewide coordination. Members asked about whether the CD change would increase returns, how the Legacy Fund transfer for the homestead tax relief bill affected earnings, and whether more state cash could be consolidated or better managed through BND; Sickler and BND staff said those issues are being studied and may lead to legislation for the 2027 session. Representative Nathan Toman then updated the committee on the Task Force on Government Efficiency. He said the group has focused less on cutting dollars and more on defining metrics and asking how the legislature knows whether programs are working. The task force is pushing a standard set of questions for new or expanding programs—who is affected, expected outcomes, alternatives, how success will be measured, and full funding—and OMB has agreed to require those answers in future budget requests. Members discussed possible use of dashboards, program evaluators, AI tools, and possible rule or statutory changes to require performance measurement. Toman said the task force will continue meeting with agencies such as the courts, university system, auditor, HHS, Commerce, and ITD to identify workflow bottlenecks and potential efficiencies. Phil Davis of Job Service North Dakota gave a workforce update, reporting that North Dakota’s unemployment rate is 2.5% and labor force participation is about 68.7%, both well above national performance. He described Job Service’s 15 workforce programs, including H-2A housing inspections for foreign agricultural workers, the job placement partnership program with DOCR, WOTC, and other federal and state workforce efforts. Davis said the agency served more than 11,000 individuals in 2025, operates nine workforce centers, and tracks outcomes through quarterly and annual reporting. In response to questions, he said job openings data reflect only positions in the system and may understate actual hiring needs, that child care and other assistance programs could be better tied to employment outcomes, and that the DOCR partnership has shown strong results with lower recidivism and higher earnings. He also said the H-2A inspection workload is growing quickly and additional staffing or less frequent federal inspection requirements could help. Allen Knutson then presented S&P Global’s updated revenue forecast. He said oil prices have risen sharply since the prior month’s outlook, improving the state’s near-term revenue picture, though the economy remains volatile and agriculture is facing weaker commodity prices. Based on the updated forecast, total major tax revenues for the current biennium are projected to be about $89 million above the legislative forecast, and the next biennium could be about $500 million higher, though that estimate is preliminary and may change. He also walked through an alternate oil-price scenario showing significantly higher oil and gas collections and a larger Strategic Investment Fund balance if prices remain elevated. Members asked whether another forecast should be requested once oil markets stabilize and about tribal allocation changes in the alternative scenario; Knutson said additional updates are possible through OMB and future forecast cycles.

Transcript Highlights:

• We have provided other kinds of cash benefits.
• And this is a benefit cost shift tied to the state's payment error rates, or the PER.
• And this is a benefit cost shift tied to state's payment error rates or the per.
• For many families, cash aid is the difference between housing stability and homelessness.
• Payments will conclude by May 26.

Summary: The Assembly Budget Subcommittee on Human Services opened its first hearing of the year with a discussion centered on CalFresh, the Department of Social Services, and related anti-poverty and immigrant services programs. Chair Jackson framed the hearing as a response to the “historic and enormous challenges” created by H.R. 1, emphasizing that the committee’s goal was to minimize harm to vulnerable Californians. No votes were taken in the hearing. The first major topic was the impact of H.R. 1 on CalFresh eligibility and administration. CDSS estimated major federal funding reductions, with hundreds of thousands of Californians potentially losing benefits under new time limits and work requirements for able-bodied adults without dependents, and additional losses among certain non-citizen groups. County welfare directors, eligibility workers, SEIU, and other advocates argued that counties are underfunded and understaffed to implement the new rules, and urged release of the previously authorized $20 million General Fund, a county match waiver, and an additional ongoing workforce investment. LAO and the Department of Finance said they were reviewing the administration’s proposals and emphasized the need to use existing data, automation, and statutory direction to reduce administrative burden and improve implementation. A second panel addressed county administrative backfill and the broader fiscal effects of H.R. 1. CDSS explained that the law shifts more administrative costs to the state and counties beginning in federal fiscal year 2027 and could also create future state benefit costs tied to payment error rates. County and food bank representatives warned that many counties will struggle to absorb the higher match and that penalties tied to payment error rates could worsen budget pressure. Members pressed Finance and CDSS for clearer timelines, written responses, and more detailed workload assumptions, while Finance said it was still analyzing the federal guidance and county resource needs. The final major topic was the California Food Assistance Program (CFAP) and possible state responses for people losing federal CalFresh eligibility. CDSS said CFAP remains limited by statute and by the federal structure it currently uses, but that the planned expansion to Californians age 55 and older regardless of immigration status remains on track for October 1, 2027, subject to funding. Immigrant advocates urged the state to fold newly excluded humanitarian immigrants into CFAP and to invest in outreach and administration, while Western Center on Law and Poverty proposed a broader state-funded anti-hunger response for people cut off by H.R. 1. LAO noted that the CFAP expansion is difficult to estimate and that further policy and technical work would be needed to assess costs and implementation options.

Transcript Highlights:

• down payment requirement.
• That's given to the homeowner for a down payment for homeownership.
• Down payment assistance is important.
• Sometimes the upward constraint has to do with the cash flow on the back end.
• Then we are tasked with making sure that we are... ...and the payment of those loans.

Summary: The Assembly Select Committee on Housing Finance and Affordability held its first hearing of 2025 to examine how California finances affordable housing and homeownership. Co-chairs opened by describing the state’s severe housing shortage, high costs, and the need for the committee to identify practical recommendations. Panelists from the California Housing Partnership, the Business, Consumer Services and Housing Agency, the Treasurer’s housing finance committees, CalHFA, and Related discussed the layered financing structure used for affordable housing, including federal low-income housing tax credits, tax-exempt bonds, state subsidies, local funds, and rental assistance. Witnesses emphasized that affordable housing projects typically require multiple funding sources and that the system is often slowed by complex applications, overlapping rules, and too many layers of financing. Several speakers noted recent federal changes that expanded the 9% and 4% tax credit programs, including a lower bond-financing threshold for 4% credits, which should allow more projects to move forward. State officials also highlighted ongoing efforts to streamline the system, including the SuperNOFA, AB 519’s one-stop-shop working group, and the planned California Housing and Homeless Agency, which is intended to align housing, homelessness, and civil rights functions. CalHFA described its homeownership and multifamily programs, including My Home, Dream For All, Cal Assist Mortgage Fund, and the Mixed Income Program, and said its financing tools help first-time buyers and developers. Related and other housing providers said the state has made real progress through land-use reform, accountability enforcement, and faster tax credit allocation, but argued that funding remains far below need. They called for more state and permanent funding sources, more efficient administration, more support for ADU and modular financing, and better attention to deeper affordability, the “missing middle,” and equity impacts on renters, women, and communities of color. The hearing was informational only; no votes or formal actions were taken.