CA Assembly Leader Seeks to Expand State LIHTC
California Assembly Speaker Toni Atkins recently announced a sweeping affordable housing plan. In addition to proposed fees on real estate transaction recording documents, the legislation also would expand low-income housing tax credits for real estate developers by $300 million. The state's current housing tax credit program has a ceiling of $70 million.
Atkins justifies the new credit because California has exhausted all affordable housing state bonds and lawmakers dissolved redevelopment agencies—two spending areas that helped keep housing affordable in the state.