Bill > AB2329

This bill modifies existing law regarding the sale of surplus residential property owned by the state within the City of South Pasadena, specifically concerning properties acquired by the Department of Transportation. The key change is that when such properties are offered to present tenants who have occupied them for at least five years and are current on rent, the "fair market value" will now be determined by an appraisal of the property, ensuring a more concrete basis for the price. The bill also outlines detailed procedures and requirements for the City of South Pasadena if it purchases unoccupied surplus properties, mandating that the proceeds be used to finance the production or acquisition of affordable housing units, with specific targets for the number of affordable units to be created or acquired for every unoccupied home purchased by the city, and imposing strict timelines and reporting obligations on the city to ensure compliance with these affordable housing mandates.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2329