In a demonstration of strong leadership on behalf of California’s lower income families and the state’s economy, California Assembly Speaker Toni Atkins, flanked by state Treasurer John Chiang, Los Angeles Mayor Eric Garcetti and Assemblymembers David Chiu, Ed Chau, and Jimmy Gomez, announced this afternoon that they will introduce legislation to significantly increase resources available to create and preserve affordable homes. The package includes:

• Establishing a permanent source of funding for affordable housing by placing a small fee on real estate transaction documents, which would generate 29,000 jobs for every $500 million
• Increasing the state’s Low Income Housing Tax Credit by $300 million, which is expected to leverage approximately $600 million in new federal resources, leading to the creation of thousands of new affordable homes and jobs
• Legislation to create a framework for how California will spend any funds received from the National Housing Trust Fund that are expected to flow to states in 2016
• Using a portion of the Proposition 47 funds to reduce recidivism through investment in rapid rehousing and housing supports for formerly incarcerated Californians

CHC Executive Director Ray Pearl and Boardmembers Linda Mandolini and Robin Hughes participated in the press conference located at member company Meta Housing’s Chinatown Metro Apartment in Los Angeles.

What People Are Saying:

“The low income housing tax credit is a critical driving force for economic development and housing production for low- and moderate-income families in California. The expansion of the state tax credit will stimulate job growth, leverage additional private and public investment, and help build much-needed housing. We thank the Speaker for her strong leadership on this crucial housing package.” –Ray Pearl, Executive Director, California Housing Consortium

“Success and opportunity begin with having an affordable place to call home. Housing California is grateful for the leadership of Speaker Atkins and we look forward to supporting critically needed policies that address California’s widespread poverty by creating more housing options, especially for those priced out of the rental market.” –Shamus Roller, Executive Director, Housing CA

“The California Building Industry Association is proud to stand with Speaker Atkins today in support of her comprehensive housing policy proposals. We look forward to working closely with the Speaker to ensure that all California families have access to safe and secure shelter and an opportunity to achieve the American dream of homeownership.” –Eileen Reynolds, Chair, California Building Industry Association