California State Assembly District 3 issued the following announcement on Feb. 25.
Assemblyman James Gallagher (R-Yuba City) and Senator Jim Nielsen (R-Tehama) are currently working alongside other representatives from wildfire-impacted areas to ensure $100 million in tax credits will be spent as intended by Congress. In Butte County, three housing developments could move forward immediately if the state regulations allow for these funds to be used as intended.
In December 2019, Rep. Mike Thompson (D-Napa) secured $100 million in new affordable housing tax credits for counties devastated by recent disasters. Initial plans for the credit by the California Tax Credit Allocation Committee (CTCAC) suggested allocating the funds across the entire state. However, due to the efforts of California lawmakers and industry leaders, the CTCAC has expressed its intent to revise initial regulations to ensure funding is prioritized for the 13 counties hit by major disasters in 2017-2018. The CTCAC is also discussing extending the allocations into 2021.
“We are grateful for the efforts of our elected officials to bring additional resources to our community to help us rebuild after the devastating Camp Fire,” said Seana O’Shaughnessy, President of the Community Housing Improvement Program. “We have hundreds of families who are still struggling. With a few adjustments to the regulations, these tax credits would enable us to build 100s of desperately needed housing units in Butte County.”
“I am very thankful for Treasurer Fiona Ma’s quick efforts to ensure these tax credits are used as intended,” said Assemblyman James Gallagher. “If these changes are implemented, Butte County will have three projects that can benefit from the tax credits and immediately move forward. This will be a great step in the right direction for the recovery effort,” he continued.
“Survivors of wildfires and people who live in vulnerable areas face many struggles. Government needs to work for them so they can get back on their feet,” said Senator Jim Nielsen.
Senator Nielsen and Assemblyman Gallagher intend to actively follow this issue as all necessary changes are made.
Original source can be found here.
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