Housing Trust Placer will host its second annual fundraiser at Topgolf in Roseville on October 2, 2023. Sponsors include Taylor Builders (Event Sponsor), North State Building Industry Association, Marques Engineering, and King Engineering. About 200 guests are expected for a fun-filled evening of golf, prizes, and a live auction featuring exciting travel, golf, and culinary experiences.
Significant legislation was introduced in the Senate today by Sen. Ron Wyden, D-Oregon. The Decent, Affordable, Safe Housing for All (“DASH”) Act proposes dramatic changes that could move the needle on affordable housing to the tune of nearly two million homes. The main features of the act are to expand the availability and impact of Low Income Housing Tax Credits as follows:
Lowering the 50% Test: Presently, if a developer finances 50% or more of a project with tax-exempt private activity bonds (“PABs”), the project owner can claim tax credits without impacting the issuing agency’s LIHTC volume cap. Sen. Wyden proposes that the minimum be reduced to 25% to free up funds for more affordable housing projects.
Boost for Extremely Low Income (“ELI”): The act provides up to a 50% cost basis boost for projects that have at least 20% ELI households.
More 9% LIHTC Allocations: The 9% low income housing tax credit is the primary tool of multifamily affordable housing nationwide, but they are in short supply – a certain amount is allocated annually to each state based on population, and it’s never enough. DASH calls for a temporary 12.5% increase in the allocation.
Congratulations to Placer County and the City of Roseville for receiving the Prohousing designation from State of California. Governor Newsom commended these jurisdictions for “stepping up and being proactive when it comes to their commitment to build more housing.”
Amongst other benefits, the Prohousing designation will provide Placer County and Roseville with higher point scores when competing for funding from the Department of Housing and Community Development (“HCD”). In the case of Placer County’s award, the Governor’s Office cited one of the deciding factors was “the county has established consistent funding for its local housing trust fund to both preserve workforce housing and to purchase additional sites for affordable housing development.”
Below is a list of all ten jurisdictions that have received the designation to date:
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