SB 377, a complementary initiative to AB 35 that would increase the value of the state Low Income Housing Tax Credit by up to 40% without costing the state any additional revenue, passed off the State Senate floor Tuesday with a 35-0 vote and now heads to the Assembly. The legislation allows the sale of the credits separately from the sale of an interest in the property ownership entity, thereby avoiding the necessity of paying federal income tax on the state’s investment. AB 35 would increase the California low income housing tax credit by $300 million.
AB 1056, the Second Chance Program for Community Re-entry, passed off the Assembly floor on Tuesday with a 78-0-2 vote and now heads to the Senate. The bill would dedicate a portion of the budget savings realized from the implementation of Proposition 47 to reduce recidivism by investing in rapid re-housing and supportive services for formerly incarcerated Californians.
The three other bills in Speaker Atkins’ affordable housing bill package (AB 1335, AB 35, & AB 90) are currently on the Assembly floor and the bills could be taken up for votes very soon.
