Committee backs extension of property-tax exemption for community land trusts

Assemblymember Colosa presented AB 672, saying the bill would extend an existing property-tax exemption that helps community land trusts (CLTs) build and preserve permanently affordable housing. "AB 672 is a simple straightforward bill that extends a much needed tax exemption to assist in the making or refurbishing of low income housing," Colosa said.

Danny Kiser, representing the California Community Land Trust Network, told the committee the exemption has helped CLTs advance projects while keeping long-term affordability. Kiser said there are "50 emerging and established CLTs in California" and that CLTs have produced or refurbished about "101 units of low income housing," costing the state "less than $400,000 over the last 5 years" in exemptions. He argued the exemption is often essential to project viability because CLTs face constrained financing.

There was no testimony in opposition. The committee moved to "recommend concurrence in Senate amendments," with the motion moved by Michelle Rodriguez and seconded by Mark Gonzales. The secretary called the roll and the committee recorded a 5–0 vote in favor; the committee reported the bill out. The committee did not set a further floor schedule during the hearing.