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Assembly Speaker’s Affordable Housing Bill Passes Its First Committee

Would Establish Permanent Source of Affordable Housing Funding

May 1, 2015
With the loss of redevelopment and the exhaustion of past state affordable housing bond funds, California has virtually no resources to construct affordable housing.
 
Assembly Speaker Toni Atkins (D-San Diego) has taken the lead in assembling a package to begin to fill the gaps in necessary funding
 
AB 1335 (Atkins), the Building Homes and Jobs Act, passed the Assembly Housing and Community Development Committee Wednesday on a 5-1 vote. The bill would establish a permanent source of funding for affordable housing generating up to $700 million per year by placing a $75 fee on real estate transaction documents, excluding home sales.
 
The Building Homes and Jobs Act makes legislative definitions about the need for permanent, ongoing funding for affordable housing. Total fees on any transaction are capped at $225. Revenues from this fee, less county administrative costs, would be sent quarterly to the Department of Housing and Community Development for deposit in the new Building Homes and Jobs Fund and spent for affordable housing, home ownership opportunities, and other housing-related programs. The bill imposes additional auditing and reporting requirements. View the AB 1335 Fact Sheet from the author’s office for additional details on the bill.
 
The other major affordable housing funding bill supported by the League is AB 35 (Chiu and Atkins), which would increase available affordable housing tax credits by $300 million.
 
AB 1335 now moves on to the Assembly Appropriations Committee; the hearing date has not yet been set. Cities are encouraged to send the author a support letter on AB 1335. The League’s support letter and a sample support letter are available online.


 
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