Bill Text: CA AB2281 | 2015-2016 | Regular Session | Amended
Bill Title: Housing assistance.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2016-11-30 - From committee without further action. [AB2281 Detail]
Download: California-2015-AB2281-Amended.html
BILL NUMBER: AB 2281 AMENDED BILL TEXT AMENDED IN ASSEMBLY MARCH 17, 2016 INTRODUCED BY Assembly Member Calderon FEBRUARY 18, 2016 An act relating to housing assistance. LEGISLATIVE COUNSEL'S DIGEST AB 2281, as amended, Calderon. Housing assistance. Existing law requires the California Housing Finance Agency to administer the California Homebuyer's Downpayment Assistance Program for the purpose of assisting first-time low- and moderate-income home buyers utilizing existing mortgage financing. This bill wouldstate the intent of the Legislature to enact legislation that would provide sellers of homes incentives to sell to families who intend to use the homes as their residences, in order to help California families compete in the residential real estate market. The bill would also state the intent of the Legislature to enact legislation that would streamline the residential home buying purchases of people who are first-time home buyers and those who use conventional mortgages.require the Department of Business Oversight, in coordination with the Bureau of Real Estate, on or before January 1, 2018, to develop and implement a program providing nonmonetary incentives to sellers of single-family dwellings to sell to buyers who will occupy them, with the goal of making home buyers with preapproved loans as appealing as cash buyers. The bill would also require the department, on or before January 1, 2018, in coordination with the Bureau of Real Estate and the California Housing Finance Agency and contingent upon appropriation by the Legislature, to establish the Families Compete Program, which would provide low- to moderate-income families downpayment assistance to enable them to compete in the real estate marketplace. Vote: majority. Appropriation: no. Fiscal committee:noyes . State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. The Legislature finds and declares the following: (a) According to the United States census, the home ownership rate fell to 63.4 percent of the population in the second quarter of 2015, marking the lowest rate of home ownership since 1967. (b) California's rate of home ownership has declined dramatically since 2008, dropping nearly seven percentage points since its peak year of 2006. (c) According to a recent report, the share of renters paying more than 30 percent of their income on rent has held at near-record highs. In 2013, almost one-half of all renters fell into that category. The share of cost-burdened renters is growing among people with moderate incomes, those who earn from $30,000 to $75,000 a year, the report said. As rents continue to rise, increasing the percentage of income people are spending on rent, it becomes more and more difficult for individuals and families to save for a downpayment on a home. (d) It is the intent of the Legislature to provide monetary and nonmonetary incentives to boost home ownership to ensure that low- and moderate-income residents of California have an opportunity to compete in the real estate market. SEC. 2. (a) On or before January 1, 2018, the Department of Business Oversight, in coordination with the Bureau of Real Estate, shall develop and implement a program that provides nonmonetary incentives to sellers of single-family dwellings to sell to buyers who will occupy them. The goal of the program shall be, to the extent feasible, to make home buyers with preapproved loans as appealing as cash buyers of homes. (b) On or before January 1, 2018, the Department of Business Oversight, in coordination with the Bureau of Real Estate and the California Housing Finance Agency, contingent upon appropriation by the Legislature, shall establish the Families Compete Program that shall provide low- to moderate-income families downpayment assistance to enable them to compete in the real estate marketplace.SECTION 1.(a) It is the intent of the Legislature to enact legislation that would provide sellers of homes incentives to sell to families who intend to use the home as their residences, in order to help California families compete in the residential real estate market. (b) It is the intent of the Legislature to enact legislation that would streamline the residential home buying purchases of people who are first-time home buyers and those who use conventional mortgages.