Assembly Speaker John Perez wants lawmakers to extend a community development program that will expire next year. It’s called “California Organized Investment Network” or COIN. It offers tax credits to encourage insurance companies to invest in low-income and rural communities. Perez says it’s important to keep the program going:
“At at time when California is just beginning to gain momentum in our economic recovery I believe that programs like COIN help facilitate that momentum,” he says.
The money is invested in underserved communities and benefits things like affordable housing or drug and alcohol treatment programs.
Three insurance companies recently invested eleven million dollars in the program.
Perez’s legislation would extend COIN for five more years.