AB 595: Building Homeownership for All Act 

Author: Assemblymember Juan Carrillo

Sponsors: California Community Builders, UnidosUS, California YIMBY

Contact: Adam Briones (abriones@ccbuilders.org) 

Bill text: Here

Background materials: Author’s fact sheet

Summary: AB 595 would direct the State Treasurer to create a pilot homeownership financing program designed to ease California’s worsening homeownership gap. This pilot program would be guided by the following goals:

1. Establishing a program to finance the construction of for-sale housing units at a price that is ultimately affordable to moderate- and middle-income Californians through the use of tradable tax credits similar to the federal and state Low-Income Housing Tax Credit Program, New Markets Tax Credit Program, and other similar tax credit programs.

2. Expanding access to home ownership and maximizing wealth-building opportunities by making it affordable for moderate- and middle-income Californians to buy a home, including, but not limited to, Californians impacted by generational barriers to home ownership due to systemic racism, including redlining, Californians who lost homes during the Great Recession and have not returned to home ownership, Californians with substantial higher education student loan debt, and Californians who have lost their homes due to wildfires or other natural disasters.

3. Ensuring that this new program maximizes the effectiveness of state subsidies by prioritizing the efficiency and speed of the review and allocation process.

4. Ensuring that existing rental programs do not see a reduction in funding due to enactment of the program.