League Removes Opposition to Development Bonus Legislation
Aug 29, 2016
Assembly Member Miguel Santiago’s (D-Los Angeles) legislation creates a development bonus when a commercial developer enters into an agreement with an affordable housing developer to contribute to a project to develop affordable housing. The legislator recently accepted a number of League-offered amendments that are designed to make the law more workable at the local level.
AB 1934 offers a new system for commercial developers to get bonuses on their commercial development projects if they agree to contribute to an affordable housing development. It requires a three-way agreement between the local governments and the developers before any project would be approved. This could be a beneficial program that will lead to more affordable housing in communities struggling to provide affordable options to their residents. There is also a five year sunset and reporting provisions in the law to help the state track the effectiveness of the program.
AB 1934 offers a new system for commercial developers to get bonuses on their commercial development projects if they agree to contribute to an affordable housing development. It requires a three-way agreement between the local governments and the developers before any project would be approved. This could be a beneficial program that will lead to more affordable housing in communities struggling to provide affordable options to their residents. There is also a five year sunset and reporting provisions in the law to help the state track the effectiveness of the program.