In support of this state financing, the Legislature finds and declares all of the following:

1. (a) The California Community College system provides important educational opportunities for the people of the state.
2. (b) Students attending colleges within the California Community College system are in need of increased affordable housing options.
3. (c) The participating colleges have shown a need and ability to construct affordable housing for students attending their colleges.
4. (d) Providing funding to the participating colleges will serve a critical state purpose facilitating the construction of affordable student housing.
5. (e) This purpose represents valuable consideration in exchange for this state action.