California BOE Amends Rule on Welfare Exemption for Low-Income Housing

The California Board of Equalization (BOE) adopted amendments to the rule regarding the welfare exemption for low-income housing. The regulation includes updating the definition of “government financing” to include qualified 501(c)(3) bonds as part of the property tax welfare exemption for low-income housing. This change aligns with the recent amendments to the Revenue and Taxation Code and reflects the provisions of Assembly Bill 84. [Cal. State Bd. of Equalization, Reg. Section 140, 09/05/25 Cal. Reg. Notice Reg.]