California Health and Safety Code

§ 50600

HSC § 50600 Effective Jan 1, 2003Div. 31 · Part 2 · Ch. 5

Statute text

The Legislature finds and declares all of the following:

(a)The federal Housing and Urban Development Department subsidizes over 147,000 units of California’s affordable rental housing. As the owners’ obligations expire, more than 19,000 of these units have already been converted to market-rate housing, and an additional 78,000 units are considered at risk of imminent conversion. In addition, more than 7,600 units financed with state and federal low-income housing tax credits will face some risk of conversion as the first generation of tax credit developments reach the expiration of their income and rent restrictions over the next five years. These at-risk units will likely convert to market-rate housing unless they are acquired by organizations that commit to maintaining their affordable rents.

(b)The loss of these assisted units represents not only a loss of precious affordable housing stock and hardship and potential dislocation for tenants, 40 percent of whom are seniors, but also the loss of billions of dollars of federal housing assistance to California each year.

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Legislative history

Added by Stats. 2002, Ch. 721, Sec. 1. Effective January 1, 2003.