AB 35 increases program by $100 million and leverage another $200 million in federal funds
(Sacramento, CA) – A bill jointly authored by Assemblymember David Chiu (D-San Francisco) and Speaker Toni Atkins (D-San Diego) that would more than double funding for the State’s Low Income Housing Tax Credit Program passed the Legislature late last night with overwhelming bipartisan support and is now headed to Governor Brown’s desk for consideration. Assembly Bill 35 would increase the program by $100 million and will help to leverage an additional $200 million in federal low income housing tax credits and tax exempt housing bonds.
“Having a roof over your head shouldn’t be a luxury in California,” said Assemblymember Chiu. “The devastating affordable housing shortage is not only hurting low and middle income families in my city of San Francisco; it’s hurting residents up and down the state. There is not a single county in California that has an adequate supply of affordable homes, and we are all paying the price through increased health care, education and environmental costs. We hope to have the Governor’s support in helping long-time Californians who want to live here, stay here.”