California Anticipates $250 Million Annual Increase for Affordable Housing

Matt Schwartz, president and CEO of the California Housing Partnership, estimates that the 12.5 percent increase to the Housing Credit, along with the funding increases for affordable housing included in the federal government’s recent omnibus spending package, could generate around $250 million annually for affordable housing in California. The expansion will result in more homes for low-income households in California – vital for a state in the midst of an affordable housing and homelessness crisis. Schwartz notes that, while this is an important start, more resources are needed to address the reduced production of affordable housing resulting from last year’s tax reform bill.