UPDATE: This legislation was referred to the Committee on Housing and Community Development and the Committee on Judiciary, but no action has been taken since 3-15-23.
AB-919 was introduced by Assembly Members Kalra, Bonta, Lee, and Ortega on 2-14-23.
This bill would require owners of tenant occupied residential properties, including single-family properties, to take several steps prior to selling their properties including:
Notifying any tenants/qualified entities of the intent to sell, and providing them with 10 days to express an interest in purchasing the property.
If interest is expressed, tenants/qualified entities would have 40 or 60 days to submit an offer to purchase.
Properties that go into default, would also require the mortgage holder to follow these processes.
Properties where owners entities do not receive an interest to purchase from tenants/qualified entities would be allowed to sell the property to an party.
When tenants/qualified entities purchase these properties under this program, they would also be restricted as follows:
New purchasers and all successive owners from this program would be required to retain all tenants and restrict rents of all units to a maximum of 80% AMI.
Record a compliance document agreeing to these terms