Chiang Announces Tax Credits to Construct More Than 1,800 New Affordable Housing Units

March 31, 2015

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SACRAMENTO – March 31, 2015 – (RealEstateRama) — State Treasurer John Chiang today announced awarding tax credits and tax-exempt bonds to 16 affordable housing projects in 12 counties that will add approximately 1,815 rental units to the housing market. The affordable housing credits, valued at $319 million, provide a 4 percent tax incentive to potential investors who may help to finance the housing developments. The $295 million of tax-exempt bonds awarded will allow affordable housing construction to be financed at below market interest rates. In order to qualify for the credit and bonds, the housing development must remain affordable for a period of no less than 55 years.<span id="more-3142"></span></p> <p>“Lack of affordable housing is not only pushing Californians out of the communities in which they work and have family roots, but is now threatening the vitality of our economy. While today’s action represents a sizeable amount of development, it represents only a small part of the total solution needed for this problem,” Chiang said. “That is why I am delighted to have joined with Speaker Toni Atkins and others to pursue legislation that will expand affordable housing incentives and help to address the supply side of this problem.”</p> <p>The Treasurer also announced that funding will be available for a first-time homebuyer program in Orange County. That program will help approximately 146 families by reducing their federal tax liabilities and thereby increasing their purchasing power. The funding is provided by issuing tax-exempt bonds, which are then converted to tax credits for individual families.</p> <p>Currently, more than 34 percent of working renters pay more than 50 percent of their income toward housing, and the State Department of Housing and Community Development estimates that California needs to build 220,000 new homes a year to keep up with population growth.</p> <p>The Treasurer chairs two of the State’s main housing finance authorities, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. Both committees held meetings earlier today, where the credits were approved for the following developments:</p> <table summary="approved tax credits" cellspacing="3" cellpadding="3"> <thead> <tr> <th scope="col">Development</th> <th scope="col">City</th> <th scope="col">County</th> </tr> <tr> <td>Northgate Terrace Apartments</td> <td>Oakland</td> <td>Alameda</td> </tr> <tr> <td>Stoneman Village Apartments</td> <td>Pittsburg</td> <td>Contra Costa</td> </tr> <tr> <td>Amberwood Apartments I & II</td> <td>Hanford</td> <td>Kings</td> </tr> <tr> <td>Leaster Apartments</td> <td>Los Angeles</td> <td>Los Angeles</td> </tr> <tr> <td>Anton Portola Apartments</td> <td>Irvine</td> <td>Orange</td> </tr> <tr> <td>Anton Arcade Apartments</td> <td>Sacramento</td> <td>Sacramento</td> </tr> <tr> <td>The Crossings at Escondido Manor Apartments</td> <td>Escondido</td> <td>San Diego</td> </tr> <tr> <td>Betel Apartments</td> <td>San Francisco</td> <td>San Francisco</td> </tr> <tr> <td>Block 7W Mission Bay South Apartments</td> <td>San Francisco</td> <td>San Francisco</td> </tr> <tr> <td>Edgewater Isle Apartments</td> <td>San Mateo</td> <td>San Mateo</td> </tr> <tr> <td>Ocean View Senior Apartments</td> <td>Pacifica</td> <td>San Mateo</td> </tr> <tr> <td>6800 Mission Family Housing Apartments</td> <td>Daly City</td> <td>San Mateo</td> </tr> <tr> <td>Butterfield Retirement Apartments</td> <td>Morgan Hill</td> <td>Santa Clara</td> </tr> <tr> <td>Madrone Village Apartments</td> <td>Petaluma</td> <td>Sonoma</td> </tr> <tr> <td>Park Lane Apartments</td> <td>Petaluma</td> <td>Sonoma</td> </tr> <tr> <td>Johnson Gardens Apartments</td> <td>Ventura</td> <td>Ventura</td> </tr> </thead> </table> <p>Earlier this year, Treasurer Chiang started a six-month engagement with housing leaders and key stakeholders regarding California’s growing affordable housing crisis. He and his office have begun meeting with local government officials, developers, financing experts, federal and state housing officials. They also plan to meet with leaders of the state’s high tech and life sciences industries and other business sectors which have been particularly impacted by California’s affordable housing shortage.</p> <p>Read this press release in <a href="http://treasurer.ca.gov/news/espanol/2015/20150318.asp">Spanish</a>.</p> <p>For more news, please follow the Treasurer on Twitter at <a href="https://twitter.com/CalTreasurer">@CalTreasurer</a>, and on Facebook at <a href="https://www.facebook.com/pages/California-State-Treasurers-Office/356962197807214">California State Treasurer’s Office</a>.</p> <p>Contact: Jacob Roper<br /> 916-653-2995<br />+</p>  <script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script><div class="td-g-rec td-g-rec-id-content_bottom"> <script type="text/javascript"> var td_screen_width = document.body.clientWidth; if ( td_screen_width >= 1024 ) { /* large monitors */ document.write('<ins class="adsbygoogle" 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title="Napolitano’s Statement on Trump Administration’s Attack on Clean Water">Napolitano’s Statement on Trump Administration’s Attack on Clean Water</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/california">California RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-05T00:04:12+00:00" >July 5, 2019</time></div> </div> <div class="td-excerpt"> Rep. Grace F. Napolitano (D-El Monte), issued the following statement after the Trump administration announced a new proposal—claiming it to be pro-industry—which would weaken federal clean water rules, putting at risk the health and safety of millions of Americans </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/flood-protection-and-water-storage-ID09937.html" rel="bookmark" title="Flood Protection and Water Storage">Flood Protection and Water Storage</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-07-04T03:31:39+00:00" >July 4, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/senators-include-legal-protections-for-military-families-in-privatized-housing-in-defense-bill-ID09930.html" rel="bookmark" title="Senators: Include Legal Protections for Military Families in Privatized Housing in Defense Bill">Senators: Include Legal Protections for Military Families in Privatized Housing in...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/realestaterama-2">RealEstateRama</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:24:14+00:00" >April 1, 2019</time></div> </div> </div> </div> </div>  <div class="td-block-span12"> <div class="td_module_6 td_module_wrap td-animation-stack td_module_no_thumb"> <div class="item-details"> <h3 class="entry-title td-module-title"><a href="https://california.realestaterama.com/mccarthy-introduces-legislation-to-repurpose-high-speed-rail-funding-to-water-infrastructure-projects-ID09929.html" rel="bookmark" title="McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure Projects">McCarthy Introduces Legislation to Repurpose High-Speed Rail Funding to Water Infrastructure...</a></h3> <div class="meta-info"> <div class="td-post-author-name"> <span>- </span> <a href="https://california.realestaterama.com/author/congressman-kevin-mccarthy">Congressman Kevin McCarthy</a> <span>- </span> </div> <div class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-04-01T10:20:36+00:00" >April 1, 2019</time></div> </div> </div> </div> </div> </div></div> <aside class="widget widget_archive"><div class="block-title"><span>Government & Nonprofit Press Release Archive</span></div> 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