Gov. Gavin Newsom has signed new legislation aimed at expanding affordable housing, reducing construction costs and speeding up housing development across California as part of the state’s 2026-27 budget.

Assembly Bill (AB) 179, signed July 17, modernizes California’s affordable housing finance system by streamlining project approvals, expanding funding for housing programs and creating new financing tools for homeowners rebuilding after disasters. State officials said the measure is intended to help increase housing production while strengthening efforts to address the state’s housing affordability and homelessness challenges.

The legislation introduces a new “One-Stop-Shop” financing system designed to reduce duplicative reviews and accelerate affordable housing projects. According to the governor’s office, the reforms are expected to lower construction costs by an estimated $60,000 to $70,000 per affordable housing unit, allowing existing state investments to finance more homes.

“When I took office in 2019, my goal was clear: to reverse decades of inaction on housing and homelessness and ensure there was enough housing and care for people to leave the streets,” Newsom said in a statement. “I’m grateful for the Legislature’s partnership, as together we add to this proven foundation with new laws that cut red tape, expand financing opportunities, and help communities build housing faster.”

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The measure also establishes a $100 million Disaster Rebuilding Fund to help homeowners repair or reconstruct homes damaged by disasters. In addition, the budget includes $900 million for another round of Housing, Homelessness Assistance and Prevention grants while adding new accountability requirements for certain cities and counties receiving state funding.

To support affordable housing development, the budget provides $500 million in enhanced state low-income housing tax credits and $200 million for the Multifamily Housing Program to build and preserve affordable rental housing for low-income Californians.

According to the governor’s office, California has made progress in increasing housing production since 2019. Annual residential construction has risen by 59%, from about 70,000 homes in 2018 to approximately 111,000 in 2024. The administration also reported that more than 682,000 homes have been built statewide during that period and that the average time from development application to entitlement has dropped from 160 days to 68 days.

State officials also highlighted recent declines in homelessness, including what they described as the state’s largest reduction in unsheltered homelessness in 16 years.

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Dr. Tonja L. Ringgold, an educator and Life Member of Alpha Kappa Alpha Sorority, Incorporated® (AKA), was installed as North Atlantic Regional Director during the organization’s 72nd Biennial International Convention on July 23 in Las Vegas.

Dr. Ringgold will serve a two-year term overseeing one of the Sorority’s largest and most historic regions. With more than 17,000 members, the Notable North Atlantic is the birthplace of the sorority, which was established on Jan. 15, 1908, at Howard University in Washington, D.C.

“I am excited and humbled by the faith placed in me to lead,” said Dr. Ringgold. “I welcome the opportunity to give back to this illustrious Sisterhood that has poured so much into me.”

The North Atlantic Region, one of the sorority’s 10 regions in the United States and abroad, comprises undergraduate and graduate chapters in Connecticut, Delaware, the District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, eastern New York, Pennsylvania, Rhode Island, and Vermont.

As the 36th Regional Director, Dr. Ringgold will serve on the Alpha Kappa Alpha  18-member Board of Directors and will assist in the implementation of policies and programs under the leadership of International President and Chief Executive Officer Charletta Wilson Jacks.

Her previous sorority leadership includes serving as the North Atlantic Regional Representative to the International Program Committee and as North Atlantic Region Program Chairman. She also served as president of Epsilon Omega Chapter in Baltimore, Maryland.

Dr. Ringgold represents four generations of Alpha Kappa Alpha women, all initiated into the Alpha Delta Chapter at Morgan State University. She was initiated in 1982, following in the footsteps of her cousin and Alpha Delta Charter member, Mary Anita Short Wheatley, and her mother, Mary Jane Briscoe Short, a life member of the Sorority with 67 years of service. Her daughter Ashley R. Davy was initiated into the Alpha Delta Chapter in 2011.

A nationally recognized educator, Dr. Ringgold has spent more than three decades in higher education. She is a retired Vice President of Academic Affairs within the Community College system and is a faculty member in the Morgan State University’s Community College Leadership Doctoral Program. She also serves as president and CEO of En-Sight Educational and Management Consultants.

She holds a doctorate degree in education, master’s degrees in Applied Psychology, Management, Business Administration, and a bachelor’s degree in Psychology.

In addition to her Alpha Kappa Alpha service, Dr. Ringgold is president of the Baltimore County Chapter of The Pierians, Incorporated; a member of the National Council on Black American Affairs; and a member of the Coalition of 100 Black Women.

She resides in Parkville, Maryland.

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With support from ICA Fund and JPMorganChase, founder Courtney Smith is strengthening his supply chain, creating jobs and expanding local production, and positioning the Oakland-born brand for long-term growth

When Courtney Smith founded Courtsmith in Oakland in 2014, he was building more than an athletic apparel company. A lifelong basketball enthusiast, Smith saw an opportunity to create performance wear that reflected the culture of the game—its style, community and sense of belonging.

From the beginning, Courtsmith was rooted in the idea that basketball is not just a sport, but a lifestyle and a community. The brand set out to make athletes look and feel good on and off the court while building partnerships that give athletes a stake in the products and stories they help shape.

“As Courtsmith grew, scaling wasn’t just about selling more—it was about building the infrastructure to deliver consistently, with a strong supply chain and production process,” said Courtney Smith, founder of Courtsmith. “We needed the right kind of capital and partners to help us expand without losing the Oakland authenticity that made us who we are.”

As the company grew, Smith faced a common challenge for small businesses: maintaining quality, reliability and authenticity of products while scaling—and having the resources to do so. The next move was not simply about expansion; it was about building the infrastructure to last.

That is where ICA Fund—a Bay Area impact investor, small business support organization and long-time partner to Courtsmith—came in. ICA’s relationship with Smith began in 2017 through its Growth Strategies advising program, and over time, the organization paired mentorship, technical assistance and capital to help the company grow with intention. More recently, philanthropic support from JPMorganChase helped ICA expand the range of capital products it can offer entrepreneurs like Smith, including options designed for companies that are ready to scale but may not be a fit for traditional debt products or equity investments.

“Too many great businesses stay stuck small without access to fair and flexible capital— ICA Fund’s role is to change that,” said Allison Kelly, CEO of ICA Fund. “With support from JPMorganChase, we’re able to provide founder-friendly financing alongside long-term partnership, giving entrepreneurs the tools they need to grow stronger businesses that create opportunity in their communities.”

The right kind of capital for a new stage of growth

ICA recently provided Courtsmith with a loan to help it buy a local manufacturing business, a major step toward bringing more of its production process closer to home, strengthening its supply chain, reducing costs, continuing its growth and creating local jobs.

The transaction also marked a milestone for ICA: the first time the organization approved capital for a merger-and-acquisition transaction. It reflects a broader expansion of the financing options it offers, supported by JPMorganChase’s American Dream Initiative, which aims, in part, to help power 10 million small businesses—up from seven million today—over the next several years with the capital, coaching, tools and practical policy support they need to thrive. It’s also an example of the kind of tailored support—delivered through trusted local pathways and the firm’s own relationships—that JPMorganChase provides to small businesses in the Bay Area, including our more than 295,000 small business clients.

“Small businesses are the backbone of our economy, and Courtsmith’s story shows how access to the right capital at the right time can unlock growth,” said Gwyneth Galbraith, Vice President for Global Philanthropy at JPMorganChase. “By supporting organizations like ICA Fund, we’re helping expand access to the kinds of financing and guidance entrepreneurs need to strengthen operations, create jobs and build lasting businesses across the Bay Area.”

Building with staying power

For small businesses, access to financing that fits their stage of growth can determine whether expansion is sustainable. A one-size-fits-all approach does not always work for companies with distinct cash-flow cycles, customer demand and operational needs. In Courtsmith’s case, the ICA loan gave the company a path to invest in its future while preserving the founder’s vision and control—and reflected the kind of flexible financing JPMorganChase is helping expand through its support of local community and mission-driven lenders.

Courtsmith’s trajectory reflects that momentum. The company reports that revenue grew 259% from 2021 to 2025, while its workforce expanded from four employees in 2017 to 13 in 2025, including growth in full-time roles from one to 11.

Behind those numbers is a company deepening its roots in Oakland through local partnerships, community presence and a model built to last.

“Courtsmith is about Oakland, representing the culture that raised us and creating opportunity for the next generation,” said Smith. “With ICA Fund and JPMorganChase in our corner, we can keep turning that mission into something people can see and feel in our community.”

Courtsmith’s next chapter is still being written, but the path is clearer: a founder-led brand with deeper local production capacity, a stronger supply chain, and a larger role in Oakland’s small business economy.

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