Another Step Closer to Funding Desperately Needed Affordable Housing

Tuesday, May 16, 2017

(Sacramento) - Assembly Bill 71, a measure authored by Assemblymember David Chiu (D-San Francisco) that will create an ongoing, permanent state funding source for affordable housing by eliminating the state mortgage interest deduction on second homes has cleared the Assembly Revenue and Taxation Committee. “We need to be sure that all Californians have roofs over their heads before we provide tax breaks to help some people with two homes,” said Assemblymember Chiu. “California needs a reliable, permanent funding stream to support production of affordable housing that the market simply will not build.” AB 71 now heads to the Assembly Appropriations Committee. Watch as Assemblymember Chiu presents AB 71 to the Rev and Tax Committee in this Assembly Access video.