Today, CHC was pleased to come together with members of California’s homebuilding, housing, and real estate community, including the California Association of Realtors and the California Building Industry Association, at a press conference in Sacramento to call on the 14 California GOP Congressmembers to stand up and protect housing for all Californians as they consider federal tax reform proposals.
The House tax reform plan includes the elimination of public activity bonds, undercutting housing credits that California has successfully used for decades to build affordable homes for low-and moderate-income families, seniors and veterans. Under the tax plan, California would lose $2.2 billion annually, leading to the loss of 20,000 affordable homes each year.
“Private activity bonds are responsible for financing two-thirds of all affordable housing built in the state and make it possible for single mothers, seniors and veterans to have safe, affordable homes,” said Marina Wiant, policy director for California Housing Consortium, a non-partisan advocate for the production and preservation of housing affordable to low- and-moderate-income Californians. “Instead of eliminating this successful program, the GOP should be wholeheartedly supporting and expanding the successful partnership of private sector resources, market forces and state-level administration.”
