Bill Text: CA AB2794 | 2023-2024 | Regular Session | Amended
Bill Title: Community development: Antidisplacement Commercial Property Acquisition Program.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced) 2024-05-16 - In committee: Held under submission. [AB2794 Detail]
Download: California-2023-AB2794-Amended.html
Amended
IN
Assembly
March 21, 2024 |
Introduced by Assembly Member Bryan |
February 15, 2024 |
LEGISLATIVE COUNSEL'S DIGEST
Existing law, the Planning and Zoning Law, requires a local government that adopts a requirement in its housing element for a housing development to contain a fixed percentage of affordable housing units to permit a developer to satisfy that requirement by constructing rental housing at affordable monthly rents.
This bill would make nonsubstantive changes to that provision.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Title 6.6 (commencing with Section 62400) is added to the Government Code, to read:TITLE 6.6. Antidisplacement Commercial Property Acquisition Program
62400.
This title shall be known, and may be cited, as the Antidisplacement Commercial Property Acquisition Program.62401.
The Antidisplacement Commercial Property Acquisition Program is hereby established, to be administered by the Department of Housing and Community Development. The program shall provide low-interest loans to eligible community-based acquisition partners to acquire commercial property in communities that are vulnerable to gentrification and displacement in order to achieve the following goals:62402.
For purposes of this title:62403.
(a) There is hereby created in the State Treasury the Antidisplacement Commercial Property Acquisition Revolving Loan Fund, to be administered by the department, to provide low-interest loans to eligible community-based acquisition partners, nonprofit organizations, and land trusts, to acquire commercial property in communities that are vulnerable to gentrification and displacement.62404.
The department shall adopt regulations to administer this title that include, but are not limited to, the following:62405.
(a) By January 1, 2030, or five years after the disbursement of the first loan by the department pursuant to this title, whichever is later, the department shall report to the Legislature on the progress of the program, including how the program has supported its own goals.62406.
The implementation of this title is contingent upon appropriation by the Legislature in the annual Budget Act or another statute for its purposes.(a)A local government that adopts a requirement in its housing element that a housing development contain a fixed percentage of affordable housing units shall permit a developer to satisfy all or a portion of that requirement by constructing rental housing at affordable monthly rents, as
determined by that local government.
(b)This section does not expand or reduce the authority of a local government to adopt an ordinance, charter amendment, or policy requiring that any housing development contain a fixed percentage of affordable housing units.