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Developers are excited about the potential for SB196—a new affordable housing bill passed by the state that exempts land trusts from paying property taxes on affordable housing projects. The new bill is expected to drive affordable housing development throughout the state, and builders are seeing an increase in interest in affordable housing projects.

“There is a rising sentiment among experts that this bill, along with the $1.75 billion the state is investing in new housing, will spur an increase in affordable housing and requests for this housing,” Richard Lara, president and CEO of RAAM Construction, tells GlobeSt.com. “When legislators create bills like SB-196, affordable housing developers are more incentivized to start projects and finish them expediently, which benefits lower-income residents and families as well as the communities in which these developments are located.”

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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