California AB2399 provides a real property tax exemption for community land trusts developing affordable housing.

California AB2399 amends the Revenue and Taxation Code to allow real property tax exemptions for community land trusts developing affordable housing. The exemption applies if the property is being or will be developed as an owner-occupied single-family dwelling, a unit in a multifamily dwelling, a member-occupied unit in a limited equity housing cooperative, or a rental housing development.

California AB2399 provides a real property tax exemption for community land trusts developing affordable housing.

California AB2399 amends the Revenue and Taxation Code to allow real property tax exemptions for community land trusts developing affordable housing. The exemption applies if the property is being or will be developed as an owner-occupied single-family dwelling, a unit in a multifamily dwelling, a member-occupied unit in a limited equity housing cooperative, or a rental housing development.