This past September, Governor Brown signed an amended CA Bill AB1793, which requires cities to list on their website and report to the state annually:
- The number of affordable homeownership units in the city’s portfolio;
- If any of those units lost their affordability during the past year; and
- If the cities are contracting with a third party for the management of these units.
This data will allow nonprofit organizations know which cities are struggling and offer assistance. It will also give us information about the size of the affordable homeownership industry.
Next month, Cornerstone consultant Joshua Abrams will publish a blog that details Cornerstone’s involvement with AB1793, which was originally intended to name successors to California’s redevelopment agencies after they, along with millions of dollars in funding for affordable housing, were dissolved in 2012. Sign up for our newsletter to stay updated!