Chair Nakamura's 2021 Housing Committee Overview & Mid-Session Housing Bill Highlights

Affordable Homeownership; Revolving Fund.
Provides homeownership opportunities for low-income families by establishing the Affordable Homeownership Revolving Fund to provide loans to nonprofit community development financial institutions and nonprofit housing development organizations for the development of affordable homeownership housing projects. Authorizes monies in the revolving fund to be used for loans for affordable for-sale housing units. Appropriates funds. HB79 HD1

Rental Housing Development; Low-Income Housing Tax Credit; Partners; Members.
Makes affordable rental housing developments more feasible to build by clarifying how the Low-Income Housing Tax Credit may be allocated among partners or members of a taxpayer, amending the amount of tax credit a taxpayer may claim for the first year under certain conditions, specifying the application of certain tax provisions with respect to low-income buildings placed in service after December 31, 2020, and extending the applicable period for claiming the Low-Income Housing Tax Credit to December 31, 2027. HB80 HD1

Rental Assistance; Low-Income Household Renters Income Tax Credit.
Helps individuals and families needing rental assistance by increasing the amount of the tax credit and adjusted gross income eligibility thresholds for taxpayers claiming the Low-Income Household Renters Income Tax Credit and providing for inflation increases every three years based on the Consumer Price Index. HB131 HD1

Rural Districts; Dwellings; County Ordinances.
Increases opportunities for more housing density in rural areas of the State by authorizing the counties to determine the appropriateness of allowing dwellings on each quarter acre of lands in rural districts; provided the dwelling is consistent with the county general plan and community development plans. HB502 HD2

General Obligation Bonds; Affordable Housing; Rental Housing.
Supports efforts to address the critical shortage of affordable housing and low-income rental housing in the State by authorizing the issuance of general obligation bonds and appropriating funds to be deposited into the Dwelling Unit Revolving Fund and Rental Housing Revolving Fund. HB606 HD1