The chairman of the state agency that finances affordable housing has announced he will soon leave amid criticism that his development company plans to eliminate several rent-controlled units to make way for million dollar homes.
Since the plan became public several weeks ago, tenants-rights and consumer groups have called for Matthew Jacobs’ removal from the Housing Finance Agency. At the beginning of an agency board meeting on Wednesday, Jacobs said that he will not seek reappointment when his term expires on Sept. 26, said Housing Finance spokeswoman Melissa Flores.
Jacobs did not return a phone message seeking comment.
Gov. Jerry Brown appointed Jacobs to the 16-member board in 2012 and named him chairman the following year. The position pays $100 per diem.
According to news reports, Jacobs’ Beverly Hills-based firm, Bulldog Partners LLC, made plans to evict residents in an eight-unit apartment complex it owns in Los Angeles. The firm wants to clear out the rent-controlled properties to build homes for sale.
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