California Governor Signs Series of Affordable Housing-Related Bills
California Gov. Gavin Newsom signed a flurry of bills Wednesday that address affordable housing, including legislation that allows changes to the allocation of tax-exempt bonds for affordable housing and extends the requirement for certain local governments to streamline affordable housing developments. Among legislation signed by Newsom was A.B. 346, which allows the California Debt Limit Allocation Committee (CDLAC)–which oversees the allocation of tax-exempt bonds for affordable housing–to adopt, amend or repeal rules effective immediately upon adoption, rather than having to comply with procedural requirements. The bill also allows taxpayers to file a state tax return claiming the state low-income housing tax credit (LIHTC) before receiving CA Form 3521A. S.B. 4 allows religious institutions and independent institutions of higher education to build affordable housing properties on their property “by right” and S.B. 423 extends the requirement that local governments that are not meeting state housing planning goals to streamline affordable housing developments from the current sunset date of Jan. 1, 2026, to Jan. 1, 2036. California’s state LIHTC has a $500 million annual cap.
Hear more about the use of state resources in affordable housing at the Novogradac 2023 Housing Tax Credit Finance Conference, Nov. 30-Dec. 1 in Las Vegas.