Feb 25, 2015 5:36 PM by News Staff
SACRAMENTO, Calif. (AP) - California lawmakers and mayors want to expand affordable housing by tacking on a $75 fee on real estate documents.
Assembly Speaker Toni Atkins announced Wednesday a plan to send cities hundreds of millions of dollars for development benefiting poor and middle-class Californians.
The San Diego Democrat wants to add $75 fees on deeds and other real estate transaction documents, except home sales. She would also add $300 million in tax credits for developers who offer low-income housing.
Local governments lost a key funding source for affordable housing when Gov. Jerry Brown dissolved redevelopment agencies in 2011. Los Angeles Mayor Eric Garcetti says cities have been feeling squeezed since.
Previous attempts to pay for affordable housing with a similar fee failed in the Legislature over opposition from real estate agents.
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