By Elizabeth Zach, RCAC staff writer
The plan retains two threatened federal programs that support building affordable housing in California—low-income housing tax credits and tax-exempt private activity bonds. But at the same time, it reduces federal dollars for subsidized housing by about $500 million per year—4,000 new houses—in California.
“The worst possible hits were taken out of the bill,” Carolina Reid, assistant professor of city and regional planning at UC Berkeley, told the San Jose Mercury News. But, she added, “It does nothing to actually promote affordable housing.”
The nonprofit California Housing Partnership estimates that California still lacks more than a million more subsidized housing units to meet current demand. In November, state officials plan to put a $4 billion affordable housing measure before voters.
To read more, go here: https://www.mercurynews.com/2017/12/25/affordable-housing-takes-hit-under-gop-tax-plan/