California Governor Signs Bill to Streamline State Affordable Housing Compliance Oversight
California Gov. Gavin Newsom today approved legislation to streamline oversight of affordable housing compliance in the state by requiring three state administrative agencies to enter a memorandum of understanding (MOU) to coordinate their compliance monitoring. A.B. 2006 requires the Department of Housing and Community Development, California Housing and Finance Agency and the California Tax Credit Allocation Committee to coordinate efforts and ensure that only one state agency conducts physical inspections for a particular property. The MOU must be signed by July 1, 2024.
State oversight in affordable housing will be discussed this week at the Novogradac 2022 Affordable Housing Tax Credit and Bonds Conference in Nashville and online.