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AB-2662 Affordable housing cost study.(2019-2020)

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Date Published: 02/20/2020 09:00 PM
AB2662:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 2662


Introduced by Assembly Member Blanca Rubio

February 20, 2020


An act to add Section 50199.19 to the Health and Safety Code, relating to housing.


LEGISLATIVE COUNSEL'S DIGEST


AB 2662, as introduced, Blanca Rubio. Affordable housing cost study.
Existing law establishes various programs and funding sources to enable the development of affordable housing, including the low-income housing credit, the Building Homes and Jobs Act, the Veterans and Affordable Housing Bond Act of 2018, the Affordable Housing and Sustainable Communities Program, and the Multifamily Housing Program. Existing law charges various agencies with the administration of these programs, including the California Tax Credit Allocation Committee, Department of Housing and Community Development, and the California Housing Finance Agency.
This bill would require the California Tax Credit Allocation Committee, the Department of Housing and Community Development, the California Housing Finance Agency, and the California Debt Limit Allocation Committee to conduct an affordable housing cost study that measures the factors that influence the cost of building affordable housing, breaks down total development costs for affordable housing, and enables the state to maximize resources allocated for affordable housing. The bill would require the study to consider data from projects that have received funding from the various programs and funding sources described above. The bill would require the development of the cost study only as existing resources permit without restructuring funding priorities, or as private resources are made available. The bill would require the California Tax Credit Allocation Committee to publish the study by January 1, 2026.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 50199.19 is added to the Health and Safety Code, to read:

50199.19.
 (a) Subject to subdivision (c), the committee, the Department of Housing and Community Development, the California Housing Finance Agency, and the California Debt Limit Allocation Committee shall develop an affordable housing cost study that measures the factors that influence the cost of building affordable housing, breaks down total development costs for affordable housing, and enables the state to maximize resources allocated for affordable housing.
(1) The study shall be based on data from projects that receive funding from the following sources:
(A) Low-income housing credit established by Section 42 of the Internal Revenue Code (26 U.S.C. Sec. 42) and implemented pursuant to this chapter.
(B) The Building Homes and Jobs Act (Chapter 2.5 (commencing with Section 50470) of Part 2).
(C) The Veterans and Affordable Housing Bond Act of 2018 (Part 16 (commencing with Section 54000)).
(D) The Affordable Housing and Sustainable Communities Program (Chapter 2 (commencing with Section 75210) of Part 1 of Division 44 of the Public Resources Code).
(E) The Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2).
(2) The cost study shall consider data collected from the sources listed in paragraph (1) beginning in the year 2014 through the year 2024.
(3) The cost study shall also measure the factors that influence the cost of building market rate housing to compare with the factors that influence the cost of building affordable housing.
(b) The committee shall publish the study by January 1, 2026.
(c) The cost study conducted pursuant to this section shall be done only if funds are available without restructuring funding priorities. It is the intent of the Legislature that the study be conducted as existing resources permit, or as private resources are made available.