Bill > AB595

This bill establishes the Building Home Ownership for All Program, aimed at addressing California's housing crisis by creating a new mechanism to help lower and moderate-income Californians achieve home ownership. The program will use tradable tax credits to finance the construction of affordable for-sale housing units, with a focus on expanding home ownership opportunities for groups historically excluded due to systemic barriers, such as those impacted by redlining, those who lost homes during the Great Recession, individuals with significant student loan debt, and those who lost homes to natural disasters. The program will provide tax credits that offset up to 40 percent of eligible housing costs, with income and price limits based on existing first-time homebuyer programs. The Treasurer will develop the program in consultation with housing agencies, and the Legislative Analyst will review its effectiveness annually, tracking metrics like the number of units produced and the program's impact on wealth creation for first-time homebuyers. The program is designed to be temporary, becoming inoperative on December 31, 2031, and is intended to prioritize efficiency, ensure existing rental programs are not defunded, and create demand among homebuilders and investors. A key goal is to help close the racial and ethnic wealth gap by making home ownership more accessible to communities that have historically faced barriers to purchasing a home.

Budget and Finance, Housing and Urban Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB595