Thursday, July 21, 2005

A trip to Sacramento

I traveled on Wednesday to Sacramento for my inaugural meeting as a member of the California Debt Allocation Limit Committee, aka CDLAC. The committee is responsible for issuing up to $2.83 billion in tax-exempt state bonds each year, much of which finds its way into affordable housing developments. The voting members of the committee are State Treasurer Phil Angelides, Governor Schwarzenegger, and State Controller Steve Westly. I'm the advisory local government representative, and my position on the committee will give me a chance to shape policy on this critical source of funding for affordable housing in Los Angeles and throughout California. It's an exciting honor and I thank the Treasurer for nominating me to the committee.