During the discussion, valuable information and ideas were shared by representatives from local government, nonprofit housing developers and residents of affordable housing. The Congressmanâ€™s legislation proposes a capital gains tax exemption for building owners who sell to eligible affordable housing operators.
â€œThe bill introduced by Congressman Schiff is important for affordable housing developers in strong real estate markets. It is challenging for non-profits to compete with the for-profit sector who can pay cash and/or access capital more quickly,â€ said Sarah Letts, Executive Director of the Hollywood Community Housing Corporation. â€œThis bill would give property owners an economic incentive to sell to eligible housing operators like Hollywood Community Housing, thus increasing the supply of critically needed affordable housing and permanent supportive housing for the homeless.â€