Assembly Bill 71, introduced by Assemblyman David Chiu (D-San Francisco) proposes ending the state mortgage interest rate deduction for second homes. The bill would put the tax revenue savings towards the state LIHTC, increasing the yearly limit of credits from $70M to $300M and would allocate $500,000 per year to farmworker housing.
AB72, 73, and 74 were also introduced this month, each dealing with housing issues – providing funding to enforce housing laws, incentivize transit-oriented development, and creation of a grant program to house specific populations, respectively.
