The last day for the Assembly and Senate to introduce bills was Feb. 18, 2022, in which we saw 2,140 bills introduced. C.A.R. has reviewed all bills for relevance to our concerns and we are following approximately 700 of them. Hundreds of bills were introduced the week preceding February 18, including three sponsored bills:
- AB 2166 (Mayes), which will require more federal funding to go to ownership housing.
- AB 2170 (Grayson), which will prohibit “bulk sales” of REO properties and provide prospective owner occupants a “first look” at REO properties owned by federal governments sponsored entities such as Fannie Mae and Freddie Mac. The first look program would mirror the Fannie Mae and Freddie Mac “first look” programs for potential owner-occupant buyers which were in place after the housing crisis in the early 2000s.
- AB 2245 (Ramos) is currently a “spot bill” and will be amended soon with language which will change partition law in California to maximize the potential returns for those who participate in a partition action. This is similar to the provisions for partition sale in last year’s C.A.R.-sponsored bill AB 633 (Calderon), which was signed into law.
We will continue to provide updates to these and other bills that impact our members and the real estate industry.