Legislation was recently introduced to the U.S. Senate and House of Representatives proposing the creation of the first-ever Workforce Housing Tax Credit (WHTC) for middle-income housing developments. Similar to the existing Low-Income Housing Tax Credit (LIHTC), the WHTC would provide additional federal income tax credits to housing development projects for…
This week’s round-up features the decline in construction starts, proptech and its potential impact on the affordable housing sector, the residential home solar market, and more. According to a Dodge Date & Analytics report, total construction starts declined 19% in September. (Sebastian Obando, Construction Dive) Proptech, initially geared towards luxury homes,…
On September 30, 2021, the United States Senate confirmed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). Mr. Chopra helped establish the CFPB following its creation through the Dodd-Frank Act and served as an Assistant Director at the CFPB from 2010 to 2015. Director Chopra will likely…
Legislation signed into law on December 27, 2020, fixed the rate for the 30% present value low-income housing tax credit (LIHTC), which had dropped to a historic low of 3.07 in 2020, at 4% (the 4% Floor). Congress hopes that the 4% Floor will increase the supply of affordable rental…
Effective as of January 1, 2020, the Tenant Protection Act of 2019, signed by Gov. Gavin Newsom in the fall of 2019, provides certain new protections for residential tenants in the State of California. In response to what the statute refers to as “the unique circumstances of the current housing…
As 2019 winds down, the Affordable Housing Credit Improvement Act of 2019 is gaining momentum in Congress. The Act, which is aimed at expanding and strengthening the low-income housing tax credit, was originally introduced in 2016. The Consolidated Appropriations Act of 2018 adopted two key provisions of the original bill—a…
Developers in California know that getting approval to build new housing projects can be extremely difficult, time-consuming, and expensive. But a new policy is finally coming into full effect which could help developers cut through those barriers. SB 35, enacted in 2017, streamlines the approval process for housing developments in…
In September 2017, the California legislature and Gov. Jerry Brown enacted Senate Bill 35 (SB 35) to streamline housing development in cities that are not meeting their housing needs. SB 35 is aimed at easing California’s severe housing shortage and affordability crisis but was highly controversial due to concerns about…
This update follows an earlier post discussing Proposition 10’s potential impacts and pre-election prospects, available here. What happened on Election Day Despite California’s sky-high rents, voters just rejected a ballot measure that would have allowed cities to expand rent control. With 100% of precincts reporting, 61.7% of voters opposed Prop…
In less than two weeks, California voters will decide whether to pass Proposition 10, which would allow cities and counties across the state to expand rent control. Supporters of the measure say it will protect tenants during a time of unprecedented housing affordability problems in California. Opponents argue that the…