Property taxation: welfare exemption: low income housing.

The California Constitution authorizes the Legislature to exempt from taxation, in whole or in part, property that is used exclusively for religious, hospital, or charitable purposes, and is owned or held in trust by a nonprofit entity. Pursuant to this constitutional authority, existing law partially exempts from property taxation property used exclusively for rental housing and related facilities, if specified criteria are met, including that the owner is eligible for and receives low-income housing tax credits pursuant to specified provisions of the Internal Revenue Code.