HomeMy WebLinkAboutAB2817_LtrToRidley-Thomas_20160720July 20, 2016
The Honorable Sebastian Ridley-Thomas
Chair, Assembly Revenue and Taxation Committee
Legislative Office Building
1020 N Street, Room 167A
Sacramento, CA 95814
RE: AB 2817 (Chiu) Tax Credits: Low -Income Housing: Allocation Increase
NOTICE OF SUPPORT (As amended 03/17/2016)
Dear Assembly Member Ridley-Thomas:
The City of San Luis Obispo is pleased to support AB 2817 (Chiu), which would increase
the state's Low Income Housing Tax Credit by $300 million to build and rehabilitate affordable
housing. The bill also increases the amount available for farmworker housing.
The challenges of funding affordable housing development, have increased significantly
with the loss of over $1 billion per year of redevelopment housing funds. Increasing available state
tax credits for low-income housing is a great step in beginning to reassemble affordable housing
funding streams in California. These credits will leverage additional federal tax credits and tax
exempt bond authority and help build many additional units. The additional jobs and economic
activity will also contribute to state and local tax revenues.
For these reasons, the City of San Luis Obispo supports Assembly Bill (AB) 2817 (Chiu).
Sincerely,
an Marx
Mayor
cc: City Council
Community Development Director
The Honorable Assembly Member David Chiu
Members, Assembly Revenue and Taxation Committee
M. David Ruff, Principal Consultant, Revenue and Taxation Committee
Senator Bill Monning, fax 916-445-8081
Assembly Member, Katcho Achadj ian, fax 916-319-2135
David Mullinax, League of California Cities, iii ax c.c:es.f
Dan Carrigg, League of California Cities, carrcce