In 2021, legislation was introduced to create the California Investment and Innovation Fund. Joint authors, Senator Anna Caballero (Senate District 12) and Senator Monique Limón (Senate District 19) introduced SB 625, a 2020 session bill that would establish a Fund to support the ongoing efforts of CDFIs across the state to address communities unique and diverse needs.
As California responds to a variety of economic recovery challenges, natural disasters, housing affordability, and homelessness, the state finds itself looking to establish new programs to deploy resources to impacted communities swiftly. Standing up brand-new programs to lend or grant short-term resources is inefficient and leads to delay and uncertainty. In addition, there is a critical need for California to better leverage federal and private resources to help speed the state’s recovery in an equitable and sustained fashion.
Now, as the state grapples with disaster response, COVID-19’s economic impacts, and a deepening affordable housing and homelessness crisis, this proposed legislation would strengthen California’s partnership with CDFIs to allow the state to quickly deploy and leverage state, federal, and private resources. SB 625 is a crucial partnership to ensure that the state of California and CDFIs have the tools and resources to strengthen California's most under-served individuals and communities.