Daily Tax Report: State

California Governor Signs Law Enacting Financing Provisions for Housing Developments in San Francisco Bay Area

Oct. 9, 2019, 8:57 PM

The California Governor Oct. 8 signed a law enacting financing provisions for housing developments in the San Francisco Bay area for property and excise tax purposes. The law includes measures: 1) creating the Bay Area Housing Finance Authority Board, which will raise and distribute funds for affordable housing and tenant protection; 2) authorizing local governments to impose various special taxes, including a parcel tax, and specified business taxes, within its jurisdiction; and 3) issuing general obligation bonds secured by the levy of ad valorem property taxes, and revenue bonds payable from the revenues of the authority, other than revenues generated...

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