SB 290: Qualifications for incentives or concessions towards student housing for lower income students along with moderate-income persons and families
SB 290 authored by Senator Nancy Skinner has not been vetoed but is still in the legislative process. It was referred to the committee on Assembly Appropriations. According to the California Housing Partnership Corporation, the state currently has an estimated 1.3 million-unit shortfall of rental units affordable to very low- and extremely low-income households. Four out of five extremely low-income households pay over half of their income in rent, as do nearly half of very low-income households. Such issues are relevant to student housing as many fall under the low - income spectrum. This bill seeks to further incentivize housing for lower- income students by additionally making such a development eligible for one incentive or concession. To make students eligible, at least 20 percent of the units for lower- income students will have to be constructed by housing development projects. The bill will also expand on what units can benefit from a density bonus by tearing down the law which requires that units be in a "common interest development." Instead this will be for developments in which the units are for sale. Incentives or concessions will increase based on the total percent of total units for lower income households. For example, three incentives or concessions for projects that include at least 24 percent of the total units for lower income households, at least 15 percent for very low income households, or at least 30 percent for persons and families of moderate income in development in which the units are for sale. Furthermore, establishments that include 40 percent moderate income for-sale housing and are within one-half mile of a major transit stop will receive a parking reduction of 0.5 parking spaces per bedroom.