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Bills

AB 394: Housing: Building Homes and Jobs Act: report.

  • Session Year: 2023-2024
  • House: Assembly
  • Latest Version Date: 2023-03-01

Current Status:

Failed

(2024-02-01: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.)

Introduced

In Committee

First Chamber

In Committee

Second Chamber

Enacted

Version:

Existing law, the Building Homes and Jobs Act, imposes a fee, except as provided, of $75 to be paid at the time of the recording of every real estate instrument, paper, or notice required or permitted by law to be recorded, per each single transaction per single parcel of real property, not to exceed $225. Existing law requires that a county recorder send revenues from this fee, as provided, to the State Controller for deposit in the Building Homes and Jobs Trust Fund. Existing law, for moneys collected on and after January 1, 2019, requires 20% of all moneys in the fund, upon appropriation by the Legislature, to be expended for affordable owner-occupied workforce housing.

This bill would reduce the expenditure of moneys in the Building Homes and Jobs Trust Fund for affordable owner-occupied workforce housing from 20% to 10%, and would, instead, require 10% of all moneys in the fund to be transferred to the Housing Resources Augmentation Fund, established by the bill. The bill would continuously appropriate moneys in the Housing Resources Augmentation Fund to the Department of Housing and Community Development for the administration of a Housing Resources Augmentation Program, which would make bonus payments to cities and counties with new units of housing, as provided, and for reimbursement of costs incurred by the department in administering the program.

This bill would require the Department of Housing and Community Development to create and submit a report to the Legislature that includes specified information relating to the expenditure of the above-described moneys for affordable owner-occupied workforce housing, including how those moneys are being utilized and the number of new homeowners as a result of the expenditure of those moneys, among other things.

News Coverage:

AB 394: Housing: Building Homes and Jobs Act: report. | Digital Democracy