Our friends at the California Housing Partnership Corporation (CHPC) are closely monitoring the GOP tax plan as it relates to subsidized affordable housing production in California.
TAKE ACTION: If you live or work in McCarthy's or Nunes' districts or know someone who does, please call via the Capitol Switchboard (202-224-3121) and email their lead tax staffers using the information below. If you don't have a connection to either, you can still affect the outcome if you have connections to any of the other majority-party Representatives by calling them via the Capitol Switchboard (202-224-3121) and emailing them with the following message:
Please ask Majority Leader McCarthy and Representative Nunes to do the following three things:
Support the Senate's preservation of tax-exempt multifamily Housing Bonds and the linked 4% Housing Credits, which are creating more than 20,000 affordable homes in California annually and are far and away the most important tools we have to address our affordable housing crisis and to create local construction jobs and revenue;
Remove the reduction in the cap on Housing Credit basis from 130% to 125% specified by the Senate because it won't help rural areas in California and will harm the rest of the state; and
Fix the base erosion and anti-abuse (BEAT) provision in the Senate Bill so that it does not damage the Housing Credit market by preventing major banks with foreign ownership such as Union Bank from investing.
Thank you for your advocacy.
San Francisco Housing Action Coalition
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Now that the U.S. Senate has approved its own tax reform bill replete with hastily scribbled hand-written notes, which you can read here, Congress has entered the final stage in which the Senate and House will attempt to reconcile differences between their two bills through a conference committee. While significant differences between the two...
Socketsite reported that while the number of proposals for residential units submitted to the City for approval remained constant from last year, nearly 7,000 new homes are on track to be delivered within the next two years, signifying an uptick in construction. Because of this, rents and condo prices appear to be softening.
With new proposals having been submitted to the City for roughly the same number of residential units that finished construction in the second quarter of the year, the overall pipeline of apartments and condos under development in San Francisco is holding around 63,500 having peaked at 63,700 in the third quarter of 2016. As we […]
The current version of the House GOP Tax Bill directly threatens the production of subsidized affordable housing across the country. As explained by the California Housing Partnership Corporation, the bill would eliminate the production of 20,000 new homes annually in California. What we need is for the bill (or the subsequent Conference Committee bill) to restore tax-exempt Private Activity Bonds and the federal 4% Housing Credit program, perhaps the best tool in creating subsidized affordable housing in the state. This change would also make the House Tax Bill consistent with what is being proposed by the U.S. Senate.
You can take action by and letting House Representatives know you do not support the current bill.
Taking stock of YIMBY Action's star-studded Awards Gala, the San Jose Mercury News reported pro-housing advocates' effective challenge of NIMBYism in the Bay Area. The strong leadership of Sonja Trauss, Laura Clark, and Senator Scott Wiener was highlighted for moving the needle at the local and state levels. SFHAC is happy to see these partners receive recognition for their outstanding work! www.mercurynews.com/2017/11/12...
California’s housing affordability crisis has a new power player with a supply-and-demand message.
Socketsite reports that 119 BMR homes are set to rise in a 5-story project at 1150 Third Street. The site in Mission Bay Block 3 will feature 62 homes for homeless veterans and 57 homes for low-income families up to 60% AMI with on-site supportive services. Construction is expected to begin as early as next month. www.socketsite.com/archives/20...
A 75-year ground lease for the eastern half of Mission Bay Block 3 which fronts Third Street, between Mission Rock and Long Bridge, is slated to be approved next week. Financing is expected to be funded next month. And the construction of a five-story building with 119 below market rate (BMR) apartments to rise at […]
After a 10-year wait, SFHAC Member Forest City Realty Trust saw their Pier 70 waterfront project approved by the Board of Supervisors. After a deal was struck with the community, a broad coalition appears to be behind the project, and SFHAC is excited to see it move forward. Read about it here. www.sfgate.com/bayarea/article...
Last Thursday, BUILD took their proposal for 1,240 potential new homes in India Basin in front of Planning Commission. The project is expected to be voted upon in early 2018 by the Board of Supervisors. Like BUILD, SFHAC hopes to see their proposal maximize residential units. Read Socketsite's report here - www.socketsite.com/archives/20...
As we wrote when the Draft Environmental Impact Report for Build Inc’s massive India Basin project, a proposed development which could yield over 1,200 units of housing, 1,800 parking spaces and 275,000 square feet of commercial space (or half as many units of housing and a million square feet of office, retail and R&D space) […]
During a recent City Council meeting regarding a proposed 10,000 home project in Mountain View's North Bayshore, Google's representative seemingly threatened to pull the tech giant's support for the housing if the City Council did not approve more office space. Fortunately, this week, Google issued a statement reaffirming support for the 10,000 homes, and apologizing for the misunderstanding. The Mountain View Voice reported in detail.
Google officials are now backpedaling on their demands to the council last week for more office space as a condition for building 9,850 new housing units in North Bayshore.
Despite the play on the field, the Giants' offseason began with a win, as their Mission Rock project got unanimous approval at the Planning Commission. The mixed-use, mixed-income development saw a rare breadth of support, and SFHAC is happy to see 1100-1500 new homes added for San Franciscans at all income levels.
In the real estate development equivalent of a perfect game, the Giants' vision of creating a new "heart of Mission Bay south" on 28 acres of paved parking lots across the Lefty O'Doul Bridge from AT&T Park won unanimous support at the Planning Commission on Thursday. But it wasn't just the seven commissioners who heaped...
Last week, Brooke Ray Rivera of Build Public spoke to SFHAC's Regulatory Committee about the creative public-private partnerships her organization helps implement to create beautiful, active, sustainable community-owned spaces. Read Corey Smith's recap of the Build Public model used to create spaces like the newly finished Dogpatch Arts Plaza here:
Brooke Ray Rivera, Executive Director of Build Public, believes San Francisco has the tools to build beautiful, active, and sustainable open spaces.