Assembly Democrats Want Real Estate Fees, Tax Credits for Affordable Housing

As reported by KQED:

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The leader of the state Assembly is unveiling an ambitious affordable housing proposal, one that could pump more than $600 million a year into  development at the local level.

Assembly Speaker Toni Atkins (D-San Diego) was joined Wednesday afternoon by a wide range of prominent Democrats in Los Angeles, including state Treasurer John Chiang and Los Angeles Mayor Eric Garcetti, to announce her plan. At its center: A proposal to institute a new transfer fee on real estate transactions, one Atkins’ staff characterizes as small; and expanding legislation proposed by Assemblyman David Chiu (D-San Francisco) to increase the tax credit that real estate developers can claim when they build affordable housing.

“The bottom line is that every Californian deserves a stable, safe place to live,” Atkins said.

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  1. Well- it cant work. MERS takes the 2% that the county should be getting. Also there is immense confusion when you say tax credits- people do not know exactly what that is. If you want to fix it-lenders have to go back to lending 2 years after a chapter 7. They now require 4 and 5 years after a chapter 7, before you can even refi.

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