AB 1193

Dear members and friends:  Governor Brown signed AB 1193 on Friday last extending the property tax exemption to over income tenants earning up to 140% of AMI.  We will walk through the positive impact of this bill by sharing a couple of examples with our members at the San Diego conference on Nov. 10.  In addition to allowing over income families to remain in  affordable units and keeping projects financially stable, 1193 will provide long term comfort to lenders and equity investors involved in refinancing and/or re-syndicating older affordable projects.

We would like to offer our special thanks to State Controller Betty Yee, who is also a voting member of the Board of Equalization, for her support and encouraging Governor Brown to sign AB 1193.

Our thanks to each of you who assisted with 1193 and we look forward to seeing each of you at the CCAH conference in San Diego  on Nov. 8 -10.

AB 1193 (Gloria) Support LTR FNL

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