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Three Pro-Affordable Housing Industry Bills Pass California Legislature

Monday, September 24, 2001 - 7:00AM

Three bills passed during the recently ended California legislative session hold potential for a positive impact on the affordable housing industry. S.B. 73 increases the state low-income housing tax credit from $50 million to $70 million annually and allows for the credit to be indexed to inflation. S.B. 211 increases from 20 percent to 30 percent the housing set-aside for redevelopment agencies seeking to extend their redevelopment projects’ existence and A.B. 637 requires all redevelopment funds be used in proportion to the actual housing needs of the community. For copies of the bills , click here.

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