CA AB2873

Housing sponsors receiving low-income housing tax credit allocations on or after January 1, 2024, must annually submit reports to the California Tax Credit Allocation Committee detailing procurement plans for women, minority, disabled veteran, and LGBT business enterprises.

Reporting requirements apply to sponsors that have completed 5 or more housing projects by January 1, 2023, or received annual allocations of $1,000,000 or more; smaller sponsors must comply starting the year after completing their 5th project or reaching the $1,000,000 threshold.

Reports must include detailed supplier and contractor diversity plans, short- and long-term diversity goals, procurement data by business category, and aggregate data for contractors in low-income census tracts.

The Committee must develop certification guidelines requiring third-party verification of women, minority, disabled veteran, and LGBT business enterprises, and must establish supplier and contractor participation goals by March 1, 2028.

Starting in 2025, the Committee's annual legislative report must aggregate housing sponsor diversity data for all projects receiving allocations on or after January 1, 2024.