Affordable housing can be financed in a variety of tax revenue streams. Some examples of tax-funded affordable housing programs are outlined below.
Cap and Trade
In 2014 The State of California created the Affordable Housing and Sustainable Communities (AHSC) program to invest in location-efficient affordable homes and transportation infrastructure to improve economic well-being and physical health for underserved Californians while also reducing greenhouse gas emissions.
Property Tax Increase
In 2016 Mayor Garcetti led the coalition to pass Proposition HHH, a $1.2 billion bond to more than triple L.A.’s annual production of supportive housing and help build approximately 10,000 units for homeless Angelenos across the city. The bond is financed with a .01 percent increase on all taxable properties in the city of Los Angeles, added on top of the property owner’s annual property taxes.
Sales Tax Increase
In March 2017, voters resoundingly approved Measure H, the landmark ¼ percent increase to the County’s sales tax to provide an ongoing revenue stream – an estimated $355 million per year for ten years — to fund services, rental subsidies and housing.