The California State Debt Limit Allocation Committee Wednesday announced its allocations for the state’s $3.107 billion private-activity bond volume cap.

“This money will create much-needed economic activity in California, and provide our workers thousands of jobs, by giving housing developers and businesses a low-cost alternative to traditional financing,” state Treasurer Bill Lockyer, the committee’s chair, said in a statement. “More than that, the financing will let families take their first step toward the American dream of homeownership and help their children strengthen their future through higher education.”

The lion’s share of the allocation — $2.332 billion — went for housing programs, up $30 million from last year, when the state’s volume cap was $8 million lower.

Industrial development programs were allocated $120 million from the cap, up from $97.7 million in the final 2007 allocation. Of that total, $20 million is reserved for small businesses, up from $6.3 million.

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