California Revenue and Taxation Code

§ 214.15.1

RTC § 214.15.1 Effective Jan 1, 2024Div. 1 · Part 2 · Ch. 1 · Art. 1

Statute text

(a)Subject to subdivision (b), property shall be fully exempt from property taxation and is within the exemption provided by Sections 4 and 5 of Article XIII of the California Constitution if that property is owned and operated by a nonprofit corporation, otherwise qualifying for exemption under Section 214, that is organized and operated for the specific and primary purpose of building and rehabilitating single or multifamily residential units, if the property is subject to a 45-year recorded agreement with the appropriate local agency, and if the agreement requires all of the following:

(1)Requires some or all of the property’s units to be owner occupied and sold only to and purchased only by first-time homebuyers that are low-income families.

(2)Requires the initial downpayment on the units described in paragraph (1) to be 5 percent or less of the market value of the unit at the time of purchase.

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Legislative history

Amended by Stats. 2023, Ch. 131, Sec. 203. (AB 1754) Effective January 1, 2024. Conditionally operative as prescribed by its own provisions. Repealed as of January 1, 2034, by its own provisions.