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SB-950 Low-income housing credit: annual report.(2017-2018)

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Date Published: 01/30/2018 09:00 PM
SB950:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Senate Bill No. 950


Introduced by Senator Allen

January 30, 2018


An act to amend Section 50199.15 of the Health and Safety Code, relating to housing.


LEGISLATIVE COUNSEL'S DIGEST


SB 950, as introduced, Allen. Low-income housing credit: annual report.
Existing law establishes the California Tax Credit Allocation Committee in state government to allocate authorized low-income housing tax credits to stimulate the production and rehabilitation of shelter for lower income individuals and families. Existing law requires the committee to allocate the housing tax credit on a regular basis consisting of 2 or more periods during which applications may be filed and considered. Existing law also requires the committee to submit an annual report to the Legislature by April 1 of each year containing specified information regarding its activities during the previous calendar year.
This bill would, instead, require the committee to submit the annual report described above by April 15 of each year.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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


SECTION 1.

 Section 50199.15 of the Health and Safety Code is amended to read:

50199.15.
 (a)  The committee shall annually submit to the Legislature by April 1 15 of each year a report specifying, with respect to its activities under this chapter during the previous calendar year, (1) the total amount of low-income housing credits allocated by the committee, (2) the total number of units assisted by the credit that are, or are to be, occupied by households whose income is 60 percent or less of area median gross income, (3) the amount of the credit allocated to each project, the other financing available to the project, and the number of units that are, or are to be, therein occupied by households whose income is 60 percent or less of area median gross income, and (4) sufficient information to identify the project.
(b)  The committee shall also include in its annual report to the Legislature, an aggregation of the information which shall be submitted annually by housing sponsors for all projects which have received an allocation in previous years, specifying all of the following:
(1)  Information sufficient to identify the project.
(2)  The total number of units in the project.
(3)  The total number of units assisted by the credit that are required to be occupied by households whose income is 60 percent or less of the area median gross income as a condition of receiving a tax credit.
(4)  The total number of units assisted by the credit that are occupied by households whose income is 60 percent or less of the area median gross income.
(c)  The committee shall also include in its annual report to the Legislature, any recommendations for improvement in the low-income housing tax credit.