AB 10 will help California grow our successful Low-Income Housing Tax Credit Program (LIHTC) to ensure more Californians can find safe, stable, affordable places to call home.
EXPANDING THE LOW-INCOME HOUSING TAX CREDIT
California has the opportunity to turn our housing affordability crisis around and ensure we all have the safe, stable, affordable home we deserve. Through AB 10, we can continue and expand the success of our Low-Income Housing Tax Credit (LIHTC) so that Californians of all income levels and ethnicities have the opportunity to save their hard-earned paychecks to support their families. This bill will allow more Californians to breathe a sigh of relief and feel safe and secure at night.
HOW AB 10 WORKS
AB 10 will expand the successful state Low-Income Housing Tax Credit Program by $500 million annually, leveraging an additional $2 billion in federal funds to build more affordable homes. AB 10 advances racial and economic equity by recognizing the hard work of the thousands of farm workers who have been hit hard by our housing affordability crisis. AB 10 sets aside $25 million to provide affordable homes for the farm workers who make California the fifth largest supplier of food and agricultural commodities in the world.
WHY AB 10 IS THE RIGHT SOLUTION
AB 10 builds on the successful track record of LIHTC 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.
Without the state-matching dollars that AB 10 provides, California will return hundreds of millions of dollars to the federal government that could match the state program and turn our backs on the opportunity to finance the construction of affordable homes for low-income families and communities of color.
Voters have loudly affirmed their commitment to affordable housing through Propositions 1 and 2. It is time the Legislature follow the voters’ lead and boost essential state investments in affordable homes so that all Californians can have a safe, stable, and affordable place to call home.
HOW YOU CAN HELP