Senate Bill No. 1267

Introduced by Senator Allen

February 18, 2016

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

LEGISLATIVE COUNSEL’S DIGEST

SB 1267, 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 containing specified information regarding its activities that includes, among other things, the total amount of low-income housing credits allocated by the committee.

This bill would expand the reporting requirements of the committee to additionally include the total number of projects assisted by the credit per county during the previous calendar year.

Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated 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 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, begin delete and end delete (4) sufficient information to identify
the begin delete project end delete begin insert project, and (5) the total number of units assisted by
the credit per county during the previous calendar year end insert .

(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.

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CORRECTIONS:

Title Text--Line 2.

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