As members of the National Association of REALTORS® and California Association of REALTORS®, REALTORS® have benefit of belonging to the largest trade associations dedicated to the promotion and preservation of the real estate profession and the property rights of all. It is this commitment that unifies members in the support or opposition of legislation which may affect the real estate industry as a whole, as well as the communities in which we live, work, and play. We invite you to take a closer look at the important legislation currently being sponsored and/or monitored and share any thoughts and/or comments with your REALTOR® or elected representative to be sure your voice is heard.
C.A.R. Sponsored Bills 2019
(Status as of 3/26/2019)
AB 599 (Maienschein) Affordable Owner-Occupied Workforce Housing: Definition - Currently, there is no uniform definition in state law for “affordable owner-occupied workforce housing” or “affordable workforce housing”. Affordable housing is an important issue at all levels of government so C.A.R. is sponsoring this legislation to essentially codify the Department of Housing and Community Development’s definition of “affordable owner-occupied workforce housing” and “affordable workforce housing,” Under that definition such housing is defined as for households earning up to 120% of area median income (AMI) while allowing for consideration of a higher AMI for “high cost areas”. A uniform definition will help the state to establish new programs in order to bridge the state’s housing supply and affordability gaps. (Status: Assembly Housing and Community Development Committee)
AB 1074 (Diep) Bonds for Accessory Dwelling Units (ADUs) - ADUs provide for an additional solution to increasing the supply of affordable housing especially in tight real estate markets within the state. Unfortunately, there have been problems with funding sources for ADU construction. C.A.R. will sponsor legislation that will allow bonds to provide loans to homeowners to construct ADUs helping to alleviate California’s housing crisis. (Status: Assembly Housing and Community Development Committee)
AB 1551 (Daly) Enhancing PACE Assessment Disclosures - In recent years, the Legislature has sought to enhance consumer protections for Property Assessed Clean Energy (PACE) programs. However, there is still need for more clear and straightforward disclosures of the key terms of PACE and the consequences of such financing to consumers. C.A.R. will sponsor legislation to further enhance disclosures for PACE program assessments. (Status: Pending Committee Assignment)
SCA 4 (Galgiani) Property Tax Basis Portability/Intergenerational Transfer Reforms - This is a re-introduction of SCA 24 (Galgiani, 2018), which was introduced in the closing days of the 2017-18 Legislative Session. This measure includes the property tax basis portability provisions of Proposition 5 (generally, allowing senior homeowners to transfer their property tax basis to a new home regardless of location, price, or the number of previous transfers). The measure offsets that tax expenditure through reforms to the intergenerational transfer laws; namely, eliminating the transfer of real property without reassessment other than for the primary residence, requiring the heir to reside in the inherited residence, and capping the value of the exclusion on the inherited residence at $1 million. (Status: Senate Governance and Finance Committee)