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The Weekly ™

By G. David Lapin On August 1 2023

Here's Your Roundup Of Recent Major News Affecting California Real Estate, Housing, And Mortgages

SB6- The Middle-Class Housing Act of 2022

CALIFORNIA - If a project site is currently zoned for commercial retailer parking use then a developer can use SB 6 to develop a qualifying multifamily project instead without full rezoning. The project must comply with all local zoning code requirements.
 
The same density for residential projects exists under the SB-6 projects. SB 6 only applies to residential or mixed use projects that are at least 50% residential and located on parcels not larger than 20 acres, and this part is important -the project does not require it to contain any affordable units unless SB 35 is utilized in conjunction with SB 6. .
The projects must be located in a city containing some portion of an urbanized area. The bill is a counterpart to AB 2011, also effective July 1,2023, it creates a streamlined CEQA-exempt ministerial approval pathway for multifamily housing development on commercially zoned sites.

REAL ESTATE - Anaheim Hills homeowners vote on a tax to pay for landslide pumps. Property owners in Anaheim Hills approved a tax on their homes to continue funding a groundwater pump system that has protected homes from landslides for 30 years. Just over 300 homes in the southern end of Anaheim Hills will now pay a few hundred dollars to more than $2,000 a year more in property taxes beginning in December.
 

MORTGAGE - Guaranteed Rate Introduces 'OneDown' Program. This mortgage loan program features a downpayment option as low as 1%, as well as an additional 2% contribution towards the downpayment (or up to $2,000-whichever is lower of the two). It also offers borrowers a $1,000 contribution towards lender fees.
 
This product is designed for the first-time borrower or homebuyer with an area median income under 80%. There are no geographic restrictions, and it covers Single Family Residences and Condos.
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