All week there has been a build-up to the potential that the Legislature was going to take up the so-called “Affordable Housing” package on Friday.  That package has been rumored to be as many as 17 bills, but no one has really known for sure what was “in” and what wasn’t.

Regardless, three bills have been the focus of the package:

 SB 2 (Atkins) Real Estate Document Tax: Imposes a tax of at least $75 on all recorded real estate documents which is re-directed to public affordable housing programs, emergency shelters, and transitional housing.

 SB 3 (Beall) Affordable Housing Bond Act of 2018:  A $3-$5 billion general obligation bond to fund public affordable housing programs and infill infrastructure projects including.

 SB 35 (Weiner) Affordable Housing Regulation Streamlining: Seeks to streamline multi-family housing project approvals by streamlining the approval process in exchange for agreeing to project-labor agreements (PLAs) which will trigger prevailing wage on private projects.

While the actual package of bills that will be included in the housing deal has yet to be formally announced, the Governor and leaders have insisted that new money for affordable housing will only be available if it is paired with streamlined regulations at the local level and new sources of revenue (bonded indebtedness and new taxes).

We are working with our membership to determine how to move forward on the total package of bills, our industry, however, remains opposed to SB 2 (see below).

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