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SB-2 California Building Homes and Jobs Act: Difference between revisions
SB-2 California Building Homes and Jobs Act (view source)
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The SB 2 bill text, history, votes, etc. are available via the [https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201720180SB2 governmental California Legislative Information website]
California in the early 2000s collected over $1 billion a year that it allocated to low and moderate income housing. When due to budgetary pressures California governor Jerry Brown and the legislature dissolved the state's redevelopment agencies in 2011, this large-scale affordable housing funding dried up, leaving California with a dearth of affordable housing.
The state of California has housing assistance programs that cover "among other things, emergency housing, multifamily housing, farmworker housing, home ownership for very low and low-income households, and downpayment assistance for first-time home buyers." By law, these programs are funded by bonds issued by the state.▼
▲The state of California
Bill SB 2 "would make legislative findings and declarations relating to the need to establish permanent, ongoing sources of funding dedicated to affordable housing development. The bill would impose 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. By imposing new duties on counties with respect to the imposition of the recording fee, the bill would create a state-mandated local program. The bill would require that a county recorder quarterly send revenues from this fee, after deduction of any actual and necessary administrative costs incurred by the county recorder, to the Controller for deposit in the Building Homes and Jobs Fund, which the bill would create within the State Treasury."▼
▲Bill SB 2
The bill would provide for the allocation of funds from this permanent source to local governments in order to support and promote affordable housing programs and initiatives. To help evaluate the effectiveness of its use, the legislation would impose reporting and auditing requirements related to these state-funded initiatives. SB 2 is an "urgency statute" and as such slated for immediate implementation.▼
▲The
== References ==
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