California Affordable Housing Update
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Looking for answers to questions about the future of affordable housing in the radically changed economic climate? While California's housing became less expensive during the Great Recession, affordable housing became much more difficult to build during that time. As investor demand for low income housing tax credits dropped, new strategies needed to be developed to finance affordable projects. Other sources of affordable housing also experienced setbacks, as the Palmer and Patterson cases constricted local government's ability to require construction of affordable housing through inclusionary housing ordinances. Massive amounts of redevelopment housing funds, a critical source of local funding for affordable housing, were diverted to solve the state budget crisis, and critics charged that much of the remaining funds were not being spent properly. As the state recovers from the recession, major changes are unfolding in the affordable housing industry. Listen to an affordable housing developer, economist and attorney describe the changes that have occurred, and how they will affect the creation of affordable housing in California.
AuthorsJon E. Goetz, Kronick Moskovitz Tiedemann & Girard
Kathleen H. Head, Keyser Marston Associates
Benjamin Phillips, Mercy Housing California
The Impact of the Recession on Affordable Housing Development in California
• What Is a Tax Credit, and How Does It Become Affordable Housing?
• The Status of the Tax Credit Investor Market
• Increasing Competition for 9 Percent Tax Credit Allocation - Winning Tiebreaker Strategies
• Multifamily Bond/4 Percent Tax Credit Financing - Coming Back From the Dead?
• Status of Other State and Federal Financing Tools
Trends in Inclusionary Housing Ordinances After Palmer and Patterson
• Changes to Inclusionary Housing Policies for Rental Developments - Moving From Mandated Affordable Housing Production to a Development Fee Model
• Nexus Studies - How to Establish the Relationship Between Market Rate Housing Construction and the Need for Affordable Housing
• Developer Challenges to Inclusionary Housing Ordinances - Are Requirements Vulnerable to Regulatory Takings Challenges for Going Too Far?
Redevelopment Affordable Housing - a Flexible Funding Source Under Attack
• Effect of Governor's Proposal to Eliminate Redevelopment Agencies
• Status of Housing Funds After State Take of Funds, Passage of Proposition 22
• Media and Legislative Reports on Misuse and Nonuse of Funds, Excessive Administrative Costs
• Cerritos Case Upholding Creative Dealmaking for Creation of Affordable Housing