On the campaign trail, Gavin Newsom promised a “Marshall Plan” to confront California’s affordable housing crisis. He said he’d help the state build its way out of the problem by cutting red tape and, notably, boosting money for the state’s low-income tax credit by more than five-fold.
Here’s the specific promise now-Gov. Newsom made about the tax credit:
“Increase affordable housing tax credit from $85 million to $500 million, phased in over a few years,” to spur new housing development.
—Gavin Newsom interview with Capital Public Radio on Oct. 5, 2018 and Gavin Newsom for Governor 2018 website.
…”The state program has been small potatoes and so this would significantly increase the value of the state low-income housing tax credit, which would then allow more investment to flow into affordable housing projects in California,” said Anya Lawler, a housing policy advocate for the Western Center on Law and Poverty.
