Issues

Phil’s Record on Creating Economic Opportunities

Through his innovative and successful Double Bottom Line and Smart Investments initiatives, Treasurer Angelides has directed more than $25 billion worth of investments into California’s communities – to expand homeownership, help small businesses, create jobs, protect our environment, and build more livable communities.

  • Expanding homeownership. Under his Double Bottom Line strategy, which pursued the “double bottom line” goals of solid returns for the State’s pension and investment funds and broadened economic opportunity in California communities, Treasurer Angelides invested more than $2 billion in Community Reinvestment Act (CRA) home loans. He more than tripled deposits – to $6 billion – in California community lending institutions and credit unions, many serving inner-city and rural areas. These investments have earned positive returns while helping more working California families become homeowners and spurring business lending.
  • Broadening economic opportunity. Treasurer Angelides led CalPERS and CalSTRS to invest in urban housing and businesses in communities that had historically been overlooked by financial institutions. Over the last five years, these investments have helped spur the rebirth of once-struggling neighborhoods around the state and earned strong returns for the funds. For example, CalPERS has committed over $3 billion to its California Urban Real Estate initiative, earning annual returns of 22% since the program’s inception in 2001.
  • Building affordable housing. Treasurer Angelides has provided financing and tax credits for the construction and renovation of over 100,000 affordable rental-housing units for California families and seniors since January 1999.
  • Helping small businesses. Treasurer Angelides has greatly expanded lending to California’s small businesses, providing loans under the California Capital Access Program to more than 2,500 California businesses, resulting in the creation or preservation of thousands of jobs.  He has dramatically increased the number of “micro loans” – loans of less than $40,000 and in amounts as small as $500 – that provide the seed capital small businesses need to launch and expand. And he formed a partnership with Silicon Valley executives to give small business entrepreneurs mentoring and guidance from experienced business executives.
  • Expanding community health clinics. Working in partnership with the private sector, Treasurer Angelides has dramatically increased financing to community health clinics. As chairman of the California Health Facilities Financing Authority, he has helped hundreds of California health clinics expand, upgrade their equipment, and provide health services to more families, children, and seniors.