Last year, Governor Newsom signed into law AB 2873, new legislation that seeks to address historic inequities and underrepresentation of disadvantaged contractors/businesses in the construction trades and affordable housing development industry. This bill establishes a new requirement for developers to track and report on the ownership and labor practices of the contractors they hire to build their projects, if they utilize low-income housing tax credit funds.
What will be the impact of AB 2873 on our industry and what will it take for successful implementation?
Join us alongside the Southern California Association of Non-Profit Housing (SCANPH) on Tuesday, May 9 from 10:00-11:30-AM for: Strategies to Successfully Implement Supplier Diversity Goals. This webinar will explore industry implementation of AB 2873, discuss the availability of services to support adherence to new requirements, and deliberate the challenges and opportunities for the capturing of such data during a panel discussion.
Given that affordable housing development is a significant economic driver that creates billions of dollars in procurement opportunities each year, the legislation aims to ensure the affordable housing development industry intentionally uplifts and invests in firms led by people of color. By diversifying the pipeline of people who share in the revenue resulting from these vital public investments, we can increase wealth amongst communities typically excluded from such valuable opportunities. Ultimately, the collection of supplier demographic data from developers will then be used to set diversity and inclusion goals, and the California Tax Credit Allocation Committee will share these data through a publicly available annual report.