AB 2140 (Carrillo)

Author: Juan Carrillo

Co-sponsors: California Community Builders & UnidosUS

AB 2140 would direct California to study the creation of a large-scale homeownership financing program designed to ease California’s critical homeownership gap.

Homeownership is the primary tool to build wealth and financial stability for most U.S. families. California’s extreme housing shortage has put homeownership out of reach of many hard-working Californians, including teachers, nurses, first responders and their families. Fewer than 55% of Californians live in homes they or their families own, the second lowest homeownership rate in the U.S. Communities of color fare even worse: Only 35% of Black and 43% of California Latino families own their own homes. Many Asian American communities face similar str

Existing tax credit programs such as the Low Income Housing Tax Credit focus primarily or entirely on rental housing. AB 2140 will direct the state to study which aspects of such programs could be adapted to homeownership needs in California. The study would also review federal legislation being considered by Congress,including the Neighborhood Homes Investment Act and the Workforce Housing Tax Credit Act, to determine how it could be leveraged for California.

Assemblymember Juan Carrillo in partnership with UnidosUS and California Community Builders announced this transformational legislation.

More information and factsheet available here.

Point of Contact: Adam Briones, abriones@ccbuilders.org