Truth matters. Community matters. Your support makes both possible. LAist is one of the few places where news remains independent and free from political and corporate influence. Stand up for truth and for LAist. Make your year-end tax-deductible gift now.
Adam Schiff: Save Affordable Housing With A New Tax Break For Owners
Rep. Adam Schiff talks with Assemblymember Laura Friedman at the Coronel Apartments in East Hollywood on Feb. 21, 2020. (Caroline Champlin/LAist)
U.S. Rep. Adam Schiff (D-Burbank) has a plan to stem the rapid loss of L.A.'s affordable housing: offer a tax break to building owners if they sell to someone who will keep the housing affordable. Schiff is in Hollywood today to promote the bill.
The Affordable and Homeless Housing Incentives Act would exempt building owners from having to pay capital gains tax if they sell to an affordable housing operator, like the government or a nonprofit. Property owners would also have to reinvest the proceeds in another property within three years.
The new housing operator would then have to agree to use the property as affordable housing for low-income families, or as a shelter, for at least 30 years.
L.A.'s housing department has estimated that 11,771 units are at risk of converting from affordable to market-rate rents in coming years. Schiff's bill is designed to help affordable housing operators compete for property in tight markets like L.A.
Sponsored message
Schiff convened a roundtable on Friday to get feedback on the bill from local legislators, developers and residents. He also planned to tour the Coronel Apartments, recently-opened affordable housing units in East Hollywood.
READ MORE:
Affordable and Homeless Housing Incentives Act (1-pager)
Can LA Save Affordable Housing Through Eminent Domain? (LAist)
How California's Housing Crisis Turned Into A Homeless Crisis (LAist)
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive before year-end will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
