AB 394

Bill Subjects

Building Homes And Jobs Act Housing Report

Abstract

Existing law, the Building Homes and Jobs Act, imposes 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. Existing law requires that a county recorder send revenues from this fee, as provided, to the State Controller for deposit in the Building Homes and Jobs Trust Fund. Existing law, for moneys collected on and after January 1, 2019, requires 20% of all moneys in the fund, upon appropriation by the Legislature, to be expended for affordable owner-occupied workforce housing. This bill would require the Department of Housing and Community Development to create and submit a report to the Legislature that includes specified information relating to the expenditure of the above-described moneys for affordable owner-occupied workforce housing, including how those moneys are being utilized and the number of new homeowners as a result of the expenditure of those moneys, among other things.