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 wouldbegin delete 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.end deletebegin insert
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.end insert
Vote: majority.
Appropriation: no.
Fiscal committee: begin deleteno end deletebegin insertyesend insert.
State-mandated local program: no.
The people of the State of California do enact as follows:
begin insertThe Legislature finds and declares the following:end insert
begin insert
2(a) According to the United States census, the home ownership
3rate fell to 63.4 percent of the population in the second quarter of
42015, marking the lowest rate of home ownership since 1967.
5(b) California’s rate of home ownership has declined
6dramatically since 2008, dropping nearly seven percentage points
7since its peak year of 2006.
8(c) According to a recent report, the share of renters paying
9more than 30 percent of their income on rent has held at
10near-record highs. In 2013, almost one-half of all renters fell into
11that category. The share of cost-burdened renters is growing
12among people with moderate incomes, those who earn from
13$30,000 to $75,000 a year, the report said. As rents continue to
14rise, increasing the percentage of income people are spending on
15rent, it becomes more and more difficult for individuals and
16families to save for a downpayment on a home.
17(d) It is the intent of the Legislature to provide monetary and
18nonmonetary incentives to boost home ownership to ensure that
19low- and moderate-income residents of California have an
20opportunity to compete in the real estate market.
begin insert(a)end insertbegin insert end insertbegin insertOn or before January 1, 2018, the Department of
22Business Oversight, in coordination with the Bureau of Real Estate,
23shall develop and implement a program that provides nonmonetary
24incentives to sellers of single-family dwellings to sell to buyers
25who will occupy them. The goal of the program shall be, to the
26extent feasible, to make home buyers with preapproved loans as
27appealing as cash buyers of homes. end insert
28(b) On or
before January 1, 2018, the Department of Business
29Oversight, in coordination with the Bureau of Real Estate and the
30California Housing Finance Agency, contingent upon
31appropriation by the Legislature, shall establish the Families
32Compete Program that shall provide low- to moderate-income
P3 1families downpayment assistance to enable them to compete in the
2real estate marketplace.
(a) It is the intent of the Legislature to enact
4legislation that would provide sellers of homes incentives to sell
5to families who intend to use the home as their residences, in order
6to help California families compete in the residential real estate
7market.
8(b) It is the intent of the Legislature to enact legislation that
9would streamline the residential home buying purchases of people
10who are first-time home buyers and those who use conventional
11mortgages.
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