A California Chamber of Commerce-supported bill that helps create affordable housing opportunities passed an Assembly policy committee last week with unanimous bipartisan support.
AB 2817 (Chiu; D-San Francisco) promotes affordable housing by expanding the existing low-income housing tax credit program, making the state better able to leverage an estimated $200 million more in federal tax credits.
It passed the Assembly Housing and Community Development Committee on March 30, 7-0.
On March 17, 2015, the Legislative Analyst released a report entitled “California’s High Housing Costs: Causes and Consequences.” The report notes that California home prices are 150% higher than the national average, and that the state needs to build 100,000 more units per year to help control rising costs in home affordability.
AB 2817 increases the existing low-income housing tax credit program by $300 million, making the state better able to leverage an estimated $200 million more in federal tax credits.
California is in the midst of a major housing affordability crisis and state policymakers need to make a commitment to increasing California’s housing stock.
AB 2817 will be considered next by the Assembly Revenue and Taxation Committee.
