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 would  state 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:  no
  yes  . 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.
                                        
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