Bill > AB2447

This bill, known as the California Neighborhood Revitalization Partnership Act, aims to address the housing crisis and the impact of foreclosures by providing funds for the purchase and improvement of foreclosed or abandoned residential properties. The Department of Housing and Community Development (HCD) will administer these funds, offering grants or loans to local public agencies or nonprofit corporations. These entities will be responsible for acquiring and rehabilitating properties, with a focus on areas most affected by foreclosures, and then selling them to low- or moderate-income households or leasing them, including through lease-to-own agreements, to low-income households. The bill also emphasizes leveraging other funding sources, promoting energy efficiency in rehabilitation, and maximizing job opportunities. A key provision allocates twenty-five million dollars ($25,000,000) from the Self-Help Housing Fund for these purposes, and the bill specifies requirements for affordability covenants and equity sharing agreements to ensure long-term affordability.