Karol Denniston’s Post

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Global Projects Partner at Squire Patton Boggs

#KeelyWebster and #CaitlinDewitt do a terrific job outlining the successes and challenges of accessing bond financing in connection with homelessness reduction programs making this article a “must read.” Addressing homelessness is a Herculean challenge and new approaches are needed. These include, among other things, increasing the use of modular housing and revising public procurement requirements so impact investors and smaller companies can more easily particpate in bringing projects to fruition. #TeamSPB is working on any number of housing projects and structuring them in a variety of ways. Feel free to reach out to explore the “art of the possible”. #infrastructurehousing #infrastructure #socialinfrastructure Impact investors are particularly well suited as investors in housing projects because they are focused on delivering value for money and are particularly adept at building consensus across large groups of project participants. But, many such investors will tell you they don’t work on public projects because of the cost of the procurement process and the lost investment opportunity costs when procurements fail or they are not selected. These investors are required to make meaningful investments and investing in procurement does not qualify. This seems to be an opportunity looking for a sponsor. We need to consider what statutory and regulatory changes we can make to procurement to attract more investors. Developers in San Francisco and in 18 other Bay Area jurisdictions have failed to submit and implement state-approved housing plans and meet production goals. This failure brings SB 432 into play which elminates discretionary review for most residential projects that include a minimum of 10% affordable, on-site units or comply with local inclusionary requirements - which ever is higher. When SB 423 took effect in San Francisco it shortened the housing approval process from what was one of the longest and most arduous processes in the California to one of the shortest. Improving the approval process is one thing, creating an environment that expands the investor base and considers options other than new construction is another. There are many different road to Rome and finding solutions for housing is not that different. We need to find or make some new roads.

View profile for Keeley Webster, graphic

Senior Reporter, The Bond Buyer, JAWS board member, award-winning financial journalist.

Fellow senior reporter Caitlin Devitt and I dug into the likely outcome of the Supreme Court's Grants Pass decision on how state and local governments work to reduce homelessness. Local government advocates weighed in, as did attorneys involved in the case and we highlighted some bond measures used to try to reduce homelessness. https://lnkd.in/g4SwGRwX

Supreme Court ruling on homeless laws brings decisions for local governments

Supreme Court ruling on homeless laws brings decisions for local governments

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