Bay Area voters stepped up for affordable housing funding in November 2016 in a big way. Now, the state must do its part too. NPH state priority bills will create more safe, affordable housing opportunities and options in the Bay and beyond. View the full NPH Affordable Housing Action Center here or read on for our bill spotlight: Bring California Home Act (AB 71: Chiu, Ting, Mullin.)
The Bring California Home Act (AB 71) was introduced by Assemblymembers Chiu (D-San Francisco) and Ting (D-San Francisco) and Speaker Pro Tem Mullin (D-San Mateo) as part of the State Assembly’s “Bring California Home” package for the 2017 legislative session. This bill will create more funding for affordable homes by eliminating the state mortgage interest deduction on vacation homes.
AB 71 recognizes that state housing policies have contributed to the worsening crisis, and state policies have a crucial role in solving it.
The Bring California Home Act will:
How AB 71 Works
The Bring California Home Act creates new affordable housing by eliminating a tax break for vacation homes. By removing this subsidy, the state can save $300 million each year to expand rental opportunities for our seniors and people with disabilities, our veterans, and our lowest-wage earning Californians and their families.
Why AB 71 is the Right Solution
State housing investment has plummeted by 69% in the last decade, worsening the unprecedented housing affordability crisis in our state. Today, more than 1.7 million Californians are paying more than half their income in rent – leaving too few dollars for groceries, medicine, transportation and other fundamentals.
The Bring California Home Act will create new affordable housing opportunities for our most vulnerable community members through smart savings and investments. AB 71 will expand the successful state Low-Income Housing Tax Credit Program by $300 million each year and leverage an additional $600 million in federal funds to build more than 3,000 affordable homes each year.
Combined, the federal and state tax credit programs are powerful housing production programs because they incentivize private investment and generate the up-front dollars needed to get affordable housing developments off the ground. AB 71 builds on the successful track record of these programs in California, which have produced or preserved more than 300,000 homes, created 340,000 jobs, and generated $32.33 billion in local income and $12.73 billion in tax revenues in California since 1986.
What You Can Do to Support AB 71
Click here for the current status of AB 71.
Click here to download NPH’s AB 71 Fact Sheet.
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