AB 595 (Carrillo)
Sponsoring HWG Members: California Community Builders, California YIMBY, Unidos US
AB 595 directs the California State Treasurer’s Office to design a state pilot program for providing state tax credits for the construction of income-restricted, for-sale housing that is available for purchase to Californians earning moderate incomes.
The bill focuses on replicating the success of other, similar housing tax credit programs, such as the LIHTC and the New Market Tax Credit. It establishes that the pilot program should provide up to a 40% tax credit to developers of eligible homeownership projects of 20 units or less, restricted to homebuyers making between 80% and 150% of the median income (AMI) in their counties of residence.
The coalition supporting the bill is also seeking $100 million to fund the first five years of the pilot.
AB 595 will create more affordable homeownership opportunities for moderate-income Californians and communities of color by making affordable for-sale homebuilding financially feasible.
Resources:
Please send in a template support letter, or reach out to Adam (abriones@ccbuilders.org) add your logo to the coalition letter!
Your support on the budget request would also be greatly appreciated, please reach out to Adam (abriones@ccbuilders.org) to sign on to the budget request coalition letter as well.