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HI SB975
Bill
Status
3/10/2015
Primary Sponsor
Suzanne Chun Oakland
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AI Summary
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Adds a new priority category for rental housing trust fund loans and grants to projects awarded federal low-income housing tax credits under Internal Revenue Code section 42(h)(4), regardless of volume cap restrictions.
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Reorders funding priorities by inserting the new federal tax credit preference as priority (2), with mixed-income rental projects becoming priority (3).
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Maintains existing priority for projects with low-income housing credits under the state housing credit ceiling or funded by HUD and USDA Rural Development programs.
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Clarifies income thresholds for eligible units using numeric formatting (50%, 80%, 5%, 30%, 100%, 140% of median family income).
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Effective date of July 1, 2050.
Legislative Description
Rental Housing Trust Fund; Preference; Federal LIHTC
Last Action
Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Har, Kawakami, Oshiro, Saiki, Say, Souki, Tokioka, Woodson excused (8).
3/19/2015