CA AB3160

Increases state low-income housing tax credits from $500,000,000 for calendar year 2020-2021 to $500,000,000 annually for 2020-2030, with up to $500,000,000 available for 2031 and every year thereafter.

Eliminates Budget Act approval requirement for credit allocations in calendar years 2026-2030, while maintaining the requirement for years 2021-2025 and 2031 onward.

Requires California Tax Credit Allocation Committee and California Debt Limit Allocation Committee to develop allocation methodology prioritizing cost containment, unit production, and efficient use of public subsidies for 2021 and subsequent years.

Modifies credit allocation rules to set aside $25,000,000 annually (or 5 percent, whichever is less) for farmworker housing projects from 2024-2034, with future amounts to be determined by Legislature.

Becomes operative only if Assembly Bill 3190 is enacted before January 1, 2025, and includes provisions to coordinate with Assembly Bill 3035 amendments to the same revenue code sections.