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EdenNews: April 2015 Newsletter
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The Tax Code and Affordable Housing

With Tax Day still fresh in our minds, we dedicate this EdenNews to how the tax code supports the creation of affordable homes. Tax credits, specifically Low Income Housing Tax Credits, are integral to the funding of affordable housing development. The State of California allocates federal and state tax credits to Eden’s developments. Because Eden is a non-profit, we form partnerships with private investors who invest capital into the development in exchange for the tax credits. The tax credit program has enormous impact on the creation and preservation of affordable housing. All of Eden’s developments are financed with it and, in California, the credit creates and preserves nearly 15,000 homes a year. Learn more from the California Housing Consortium's "Affordable Housing 101: How is it Built."
 
Eden residentsJoin Us in Supporting Critical Housing Bills!
CA Legislature Affordable Housing Bills - AB 35, SB 377, AB 1335:

We are thrilled that Assembly Speaker Toni Atkins is making affordable housing development a top priority, announcing a package of Assembly Bills (AB) that would support the creation of more affordable homes and jobs in California. We are strong supporters of AB 35 (Chiu, Atkins) and AB 1335 (Atkins). AB 35 would increase the amount of state’s Low Income Housing Tax Credit by $300 million, from $70 million to $370 million. This increase would more effectively leverage $600 million in federal Low Income Housing Tax Credits. AB 1335 would create a permanent sustainable source of affordable housing funding.

The companion Senate Bill (SB) to AB 35 is SB 377 (Beall), which would increase the value of the state's Low Income Housing Tax Credit by making it a certificated tax credit. The Housing Credit would be treated as an asset when sold to an investor who not be subject to the 35% corporate federal income tax, but instead subject to the lower capital gains tax. Investors would not need to be partners in the ownership any longer and with the increased value of the Housing Credit, be motivated to give more funds to the building of affordable homes.

This Month's Affordable Housing Podcast: The state's Low Income Housing Tax Credit program is administered by the California Tax Credit Allocation Committee (TCAC). Joining us as our podcast guest is TCAC’s Executive Director, Mark Stivers, to take a deeper dive into the tax credit program and talk about  new Treasurer John Chiang's affordable housing priorities.

Weinreb PlaceBuilding More Homes for California: Here at Eden, we know that our efforts to advocate for the expansion of State funding programs are well worth the effort. We continue to deliver high quality affordable homes. Earlier this month, we were thrilled to open Monteverde Apartments in Orinda and we equally excited for the grand opening of Weinreb Place in Hayward on Monday, May 11 as part of East Bay Housing Organizations (EBHO) Affordable Housing Week! We urge you to join us in advocating for the critical programs that fuel our work and hope to see you during Affordable Housing Week.

 

Linda Mandolini
President

It’s not just about housing . . . it’s about people.
 
FIND BELOW:     New Affordable Housing Podcast     |     State Tax Credit Bills: AB 35, SB 377, AB 1335
                              #21 Best Place to Work in the Bay Area     |     Grand Opening of Weinreb Place
                              Upcoming Events
 Affordable Housing Podcast by Eden Housing
How the Tax Code Leads to the Creation of Affordable Housing

The statistics are daunting. California has 13 of the 14 least affordable metropolitan housing markets in the nation. Currently, more than 34% of working renters pay more than 50% of their income toward housing, and the State Department of Housing and Community Development estimates that California needs to build 220,000 new homes a year to keep up with population growth.

In this episode of the Affordable Housing Podcast, host Joanne Greene speaks to Mark Stivers, Executive Director of the California Tax Credit Allocation Committee (TCAC), which allocates tax credits for affordable housing development. Prior to joining TCAC in January of 2015, Mark served the California legislature for 18 years including 16 years as Senate lead housing staffer.
State's Low Income Housing Tax Credit Bills:
AB 35, SB 377, AB 1335


Assembly Bill 35
Introduced by Assembly Member David Chiu and Speaker Toni Atkins
Increasing the amount of state Low Income Housing Tax Credit by $300 million.
Bill Text
Fact Sheet


Senate Bill 377
Introduced by Assembly Member Jim Beall
Increasing the value of state Low Income Housing Tax Credit.
Bill Text

Assembly Bill 1335
Introduced by Speaker Toni Atkins
Creating a permanent sustainable source for affordable housing development.
Bill Text
Fact Sheet


Click here to learn more about the Speaker's affordable housing financing bills package.
!Join Us: Monday, May 11 in Hayward
Grand Opening of Weinreb Place


Weinreb Place
Named in Honor of Ilene Weinreb,
current Eden Board member and former Mayor of Hayward 


Monday, May 11, 2015 at 12:00 p.m.
22605 Grand Street, Hayward, CA 94541

As Part of EBHO's Affordable Housing Week!
RSVP: 
WeinrebPlaceGO.eventbrite.com

Weinreb Place provides 22 affordable rental homes for older adults in the City of Hayward. This new vibrant community is adjacent to Eden’s Hayward Senior Housing, which has 60 affordable rental homes, and across the street from the Hayward BART station.

Weinreb Place serves very low income seniors in Alameda County with incomes at 30% to 50% of the area median income level. The new community features a computer learning center/library, a community room, laundry facilities, and a large courtyard with outdoor seating, a barbecue, and a community vegetable garden.

Please RSVP by May 7th.
RSVP: WeinrebPlaceGO.eventbrite.com
 
Due to very limited street parking, carpooling is highly encouraged.
 
Thank you to our funders and sponsors!
•  City of Hayward
•  Alameda County Housing and Community Development Department
•  US Department of Housing and Urban Development
•  Silicon Valley Bank
•  Federal Home Loan Bank of San Francisco
•  National Equity Fund
 
 
Eden Housing: #21 Best Place to Work

Eden is honored to be named #21 Best Place to Work in the Bay Area by the San Francisco Business Times!

(Large companies, 250-999 employees)

Thank you to our wonderful staff who make it all happen!


Upcoming Events

Eden Housing Events - Save-the-Dates
 
May 11, Hayward: Weinreb Place Grand Opening

May 19, Mountain View: Studio 819 Grand Opening

May 22, Soledad: Camphora Farmworkers Apartments Groundbreaking


Eden staff will be presenting at and/or participating in the following conferences and events.
 
April 27-29, Sacramento: Housing California Annual Conference

May 2-9, San Mateo County: Affordable Housing Week

May 8, Petaluma: North Bay Housing Summit

May 8-14, East Bay: EBHO Affordable Housing Week

May 14-22, Santa Clara County: Affordable Housing Week
 
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