Housing: Building Home Ownership for All Program.

Assembly Member Carrillo's proposal to establish the Building Home Ownership for All Program aims to increase affordable housing access through a new tax credit mechanism for financing residential construction. The program, which would operate through 2031, requires the State Treasurer to develop a framework by January 2027 in consultation with the California Housing Finance Agency and Department of Housing and Community Development.

The program would finance construction of for-sale housing units through tradable tax credits covering 40% of eligible project costs, following models like the Low-Income Housing Tax Credit Program. Income and price limits would align with existing California Housing Finance Agency first-time homebuyer programs. The legislation specifically includes provisions for populations affected by historical barriers to homeownership, including those impacted by redlining, the Great Recession, student loan debt, and natural disasters.

Implementation requires annual effectiveness reviews by the Legislative Analyst's Office starting in 2028. These assessments would examine metrics including units produced, homebuyer outcomes, and capital delivery efficiency. The bill maintains existing rental program funding levels while establishing new incentives for homebuilder and investor participation through tax credit syndication opportunities. Resale restrictions would mirror current California Housing Finance Agency guidelines for first-time homebuyer initiatives.