Plain English Breakdown
The official source material did not provide specific details about the fiscal impact other than adopting the Budget Director’s statement, which is already included in the summary.
Clarifying Exemption for Low-Income Housing Tax Credit Units
This act clarifies that rental units participating in the Low Income Housing Tax Credit Program are exempt from rent stabilization requirements.
What This Bill Does
- Amends the Rental Housing Act of 1985 to clarify exemptions for certain rental units.
- Removes a specific phrase related to rent stabilization definitions.
- Adds language that includes rental units receiving tax credits under the Low Income Housing Tax Credit Program as exempt from rent stabilization.
Who It Names or Affects
- Owners and managers of rental properties participating in the Low-Income Housing Tax Credit (LIHTC) program.
- Renters living in units that receive LIHTC tax credits.
Terms To Know
- Low Income Housing Tax Credit Program
- A federal program that provides tax incentives to developers who build or rehabilitate affordable rental housing for low-income families and individuals.
- Rent stabilization
- Regulations that limit how much landlords can increase rent each year, usually in areas with high rents or limited supply of homes.
Limits and Unknowns
- The act is effective for no longer than 90 days and will expire unless further action is taken.
- It does not specify the exact fiscal impact beyond adopting the Budget Director's statement.