September 2023


State Converts UC Student Housing Grants to Revenue Bonds

State-Approved Affordable Student Housing Projects (In Millions)

  Project Costa
UC Projects Approved in 2022-23b 
San Diego $100.0
Berkeley 100.0
Santa Cruz 89.0
Irvine 65.0
Los Angeles 35.0
Subtotal ($389.0)
UC/CCC Intersegmental Projects Approved in 2023-24b 
Riverside $126.0
Santa Cruz 111.8
Merced 100.0
Subtotal ($337.8)
Total $726.8
Debt Servicec $50.7
a Reflects state cost. Some projects supplement state funds with campus reserves or nonstate funds.
b The 2023-24 budget package rescinds upfront one-time General Fund cash for all approved student housing projects. UC is instead to finance the projects using university bonds. For the UC/CCC intersegmental projects, UC is to finance both the UC and CCC shares of project costs using university bonds.
c Reflects an ongoing General Fund augmentation intended to cover UC's cost of borrowing (principal plus interest).