Governor Gavin Newsom has released his May revision to the 2024-25 California budget. CCH is in strong support of the governor’s proposal to restore the Low Income Housing Tax Credit program at $500 million. Over the last four years, the state Housing Credit has helped housing providers build an additional 25,000 homes that are affordable to the state’s lowest-income households, while allowing California to draw down $5.3 billion in additional federal resources.
However, we join with other industry leaders who are concerned about proposed cuts to vital housing programs that provide resources to local communities to house, shelter and deliver services to people who are unhoused.
To continue making progress on affordable housing solutions, CCH is in strong support of:
- AB 1657 (Wicks), the affordable housing bond on the November 2024 ballot that if passed will bring tens of thousands of new affordable homes to the Bay Area;
- AB 1932 (Ward)to remove an indefensible tax deduction for second homes and to direct roughly $200 million per year to affordable housing programs; and
- Rejecting proposed cuts in the budget to affordable housing programs.
Learn more about the impact of the Governor’s budget proposal @Housing California’s statement here.
