Existing law prohibits rent for developments receiving state assistance from exceeding a specific percentage based on median income and size appropriateness of the unit.
This bill would prohibit affordable rent from exceeding the rent prescribed by deed restrictions or regulatory agreements, if development receives assistance in 2025.
Current law established a tax credit program authorized by a committee, which targets projects that serve the lowest income tenants at rents affordable to those tenants.
Bill would require the committee to adopt regulations limiting annual increases for properties that receive allocation of the low-income housing tax credit, assess annually.
Legislative History
On Feb. 14, 2023, bill introduced in Assembly; on Jan. 30, 2024, bill passed Assembly.
On Jan. 30, 2024, bill introduced in Senate; on Aug. 29, 2024, bill passed the Senate.
On Aug. 30, 2024, bill was concurred; on Sep. 12, 2024, bill was sent to governor.
Effectiveness
No effective date specified; generally effective Jan. 1 after enactment, on Jan. 1, 2025.
Sep. 2024 Governor Approval
On Sep. 27, 2024, CAL LEG reported governor approved bill; assigned as Chapter 674.
Regulators
CAL LEG
Entity Types
CNSM; Corp; MG Orig
Reference
PR, Ch. 674, 9/27/2024; Bill, AB846, 9/13/2024; Citation: CAL LEG 31-1-2-50053;
