The Weekly ™
By G. David Lapin On June 28 2023
Here's your roundup of recent major news affecting California real estate, housing, and mortgages.
California’s Proposed Housing Law for 23-24
CALIFORNIA - Here is a summary of a few of the key senate bills for housing in California:
SB 423- Amends SB 35-SB 423 expands SB 35 to apply when a local jurisdiction fails to adopt a housing element in substantial compliance with state housing element law. The project sponsor must provide a minimum of 10% for low-income housing, or in the San Francisco Bay area, a minimum of 20% for moderate income housing, as specified and before calculating any density bonus. This change would most likely result in an increased production of mixed-income housing.
AB 1287-Amends the state density bonus law. This bill would incentivize the construction of housing units for the middle- and low-income households by providing for more density bonus and incentivize the projects for providing moderate- and low-income housing.
AB 440- This bill would amend provisions related to the calculation of maximum allowed residential density under the state density bonus law.
AB 1532-“by right” approval of office to residential conversions. It would streamline the approval of qualifying office to residential conversion projects.
AB 529- Would require the California Building Standards commission to work with HCD to revise existing state codes to better facilitate office to residential conversion projects. It would award points to "pro-housing" jurisdictions during its housing element review process for the conversion projects.
AB 1700- Population growth and noise impacts would further clarify “population growth”, in and of itself. This results from a housing project and the noise the project have on the surrounding environment.
AB 1633- Expansion of housing accountability act protections: CEQA. Under the CEQA for a HAA protected project constitutes a violation of the HAA, and to establish procedures that would allow local governments to rectify and such failure without risking HAA litigation.
REAL ESTATE - Where in California Can You Buy a Home for Less Than $200,000. Paynes Creek, California 96075 - Tehama County. Homes in the area are typically worth more than $142,000. The community is in a remote location near the Sierra Nevada Mountain range. Red Bluff is the closest city, about 23 miles away.
MORTGAGE - Biden's Mortgage Plan Reversed by GOP Bill. Bill titled the "Middle Class Borrower Protection Act", passed in the house on a 230-189 vote.
The legislation would cancel recent changes that the federal housing finance agency was charging up front loan level pricing adjustments by Fannie and Freddie for a guarantee of single-family mortgages. Under the new rules, consumers with lower credit scores and less money for down payment would be able to qualify for better mortgage rates. This was done, as the gap of homeownership is a real issue here in the states.
Quote of the day:
What you do today can improve all of your tomorrows-"Motivator" Ralf Marston
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