California

A new audit from the Los Angeles Office of the Controller examines the city’s progress on Proposition HHH and found that while 19 projects are under construction and two are scheduled to open in the coming months, it is clear that the City’s HHH program is not keeping pace with the growing demand for supportive housing and shelter.

Marcus & Millichap will host a webinar on October 10 at 1:00 pm EDT to discuss the recently-passed California Tenant Protection Act of 2019, also known as CA Assembly Bill 1482. The panelists (John Sebree, Marcus & Millichap; Jim Lapides,National Multifamily Housing Council; Damon Conklin,Federation of California Builders Exchanges; and John Chang, Marcus & Millichap) […]

The Rockefeller Foundation announced $3.7 million in grants that will benefit four U.S. cities to help drive responsible private investment in Opportunity Zones. The Foundation named Washington, D.C., Oakland, Dallas and St. Louis as the newest participants in its Opportunity Zone Community Capacity Building Initiative, which launched in May 2019. The initiative will help cities […]

The Council of Economic Advisers released The State of Homelessness in America report. The report raises serious methodological concerns, cherry-picks data that supports the reports positions and relies on outdated studies. The report’s primary argument posits that the deregulation of 11 housing markets would lead to a reduction of 71,709 people experiencing homelessness. The report takes aim at municipalities that have implemented right-to-shelter policies and policies that affect the tolerability of living on the streets for decreasing the demand for housing and increasing homelessness.

The California Legislature passed S.B. 451, which would create a State Historic Tax Credit (HTC) for 20 or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026. The credit would have a statewide cap of $50 million per calendar year, with $2 million set […]

The California Tax Credit Allocation Committee (TCAC) is requesting responses to a survey to assist in assessing demand and the timing of 2020 applications for its $500 million state credit to be paired with the federal four percent credit for new construction multifamily housing projects that can begin construction within 180 days from the award. […]

The California Tax Credit Allocation Committee (TCAC) released the agenda for its September 25 meeting and the nine percent preliminary recommendations for set-aside projects for the nonprofit, rural, at-risk and special needs set-asides.

On September 11, the California State Legislature passed the Tenant Protection Act of 2019 (AB 1482) authored by Assembly member David Chiu (D) of San Francisco. Under the bill, yearly rent increases for most housing will be capped at five percent plus inflation for the next ten years, starting January 1, 2020.

Representative Scott Peters (D-CA) introduced the bipartisan Build More Housing Near Transit Act (H.R. 4307), legislation that aims to increase housing options near transit. This measure would amend the current rating criteria for the Federal Transit Administration’s New Starts program, which funds transit projects, such as commuter rail, light rail and bus rapid transit, through the Capital Investment Grants (CIG) program.

The California Tax Credit Allocation Committee (TCAC) rescheduled the public hearing for its proposed regulation changes to September 11 at 1:30 pm CDT at the State Treasurer’s Office Building 915 Capitol Mall, Room 587 Sacramento, CA 95814.

The California Department of Housing and Community Development announced that Director Ben Metcalf has resigned, effective September 6. Chief Deputy Director Doug McCauley, will serve as acting director until a new director is appointed.

California Governor Gavin Newsom announced a compromise on proposed legislation to cap rent increases statewide and ultimately address the housing crisis.