September 2023
Universities
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). | |