AB 2794: Community development: Antidisplacement Commercial Property Acquisition Program.

This bill would establish the Antidisplacement Commercial Property Acquisition Program, to be administered by the Department of Housing and Community Development, GO-Biz to provide low-interest loans to eligible community-based acquisition partners to acquire commercial property in communities that are vulnerable to gentrification and displacement. The bill would specify the goals of the program, including ensuring local businesses remain in high-risk communities vulnerable to gentrification and displacement. The bill would establish the Antidisplacement Commercial Property Acquisition Revolving Loan Fund, and would authorize the department, GO-Biz, upon appropriation by the Legislature to the fund for purposes of the program, to provide low-interest loans for purposes of the program. The bill would require the department GO-Biz to adopt regulations to administer the program, including qualifications that prioritize the preservation of Black-, indigenous-, people of color-, and women-owned businesses and the acquisition of commercial property in culturally significant commercial corridors. The bill would require the department GO-Biz to report to the Legislature on the progress of the program by January 1, 2030, or 5 years after the disbursement of the first loan by the department, GO-Biz, whichever is later. The bill would make the program contingent upon appropriation by the Legislature in the annual Budget Act or another statute for its purposes.