Portantino and Glendale Notch Second Legislative Victory as Glendale Sponsored SB 521 Passes First Policy Committee
Sacramento, California – Today, SB 521, authored by Senator Anthony J. Portantino (D–La Cañada Flintridge), passed the Senate Governance and Finance Committee. SB 521 provides a tax credit to property owners who enter into new contracts to rent their property to Section 8 voucher recipients. To be eligible, contracts must be executed after January 1, 2020. SB 521 is an attempt by Glendale and Portantino to incentivize apartment owners to take in more Section 8 subsidized affordable housing.
“I would like to thank the City of Glendale bringing forward this important legislative proposal. California faces a severe housing shortage and cost of living continues to increase. SB 521 seeks to help private market property owners who rent to Section 8 tenants. It’s a benefit for them and a benefit for the community,” commented Senator Portantino.
SB 521 is sponsored and supported by the City of Glendale, the City of Pasadena, the California Apartment Association, the California Rental Housing Association and the National Association of Housing and Redevelopment Officials from Southern California Chapter.
“SB 521 is another example of the great partnership between Glendale and our Senator. This tax credit will help our private apartment owners and more importantly help families in need of affordable housing. It’s one more arrow in our quiver to broadly help our community. This effort coupled with the $27 million in bond funds we are trying to dedicate to affordable housing should make a significant and positive impact on our housing needs,” commented Mayor Ara Najarian.
Portantino and Glendale are also partnering on SB 532 which is an attempt to allow Glendale to leverage $27 million dollars of bond fonds exclusively for affordable housing. SB 532 is also progressing through the legislature.