California AB672 extends real property tax exemptions for community land trusts developing affordable housing.

California AB672 amends the Revenue and Taxation Code to extend real property tax exemptions for community land trusts developing affordable housing. The bill specifies that properties owned by community land trusts qualify for exemptions if they are being developed or rehabilitated as owner-occupied single-family dwellings, owner-occupied units in multifamily dwellings, member-occupied units in limited equity housing cooperatives, or rental housing developments.

California AB672 extends real property tax exemptions for community land trusts developing affordable housing.

California AB672 amends the Revenue and Taxation Code to extend real property tax exemptions for community land trusts developing affordable housing. The bill specifies that properties owned by community land trusts qualify for exemptions if they are being developed or rehabilitated as owner-occupied single-family dwellings, owner-occupied units in multifamily dwellings, member-occupied units in limited equity housing cooperatives, or rental housing developments.