Over two years, developer Geoffrey Morgan lined up investors, partnered with a medical clinic and found a manufacturer in Idaho to build 135 apartments for formerly homeless residents near downtown San Jose. Everything was on track for the project to break ground by the end of last year. Then election day happened. President Trump’s election has thrown a wrench into low-income housing development across the country, especially in California. His promise to cut business tax rates has large banks and other investors backing away from a tax credit program that reduces what companies owe in taxes in exchange for investing in low-income housing projects.
Categories:Los Angeles Times