Loading...
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