Bill > SB391

This bill, known as the California Homes and Jobs Act of 2013, establishes a new, ongoing funding source for affordable housing development by imposing a seventy-five dollar ($75) recording fee on most real estate documents, with exceptions for transfers subject to documentary transfer taxes. The collected fees, after administrative costs, will be deposited into the California Homes and Jobs Trust Fund, managed by the Department of Housing and Community Development (HCD), to support the creation, acquisition, rehabilitation, and preservation of housing for low- and moderate-income households, including emergency shelters, transitional and permanent rental housing, homeownership opportunities, accessibility modifications, and the acquisition of foreclosed or blighted properties. The bill also mandates HCD to develop a five-year investment strategy for the fund, emphasizing geographically balanced distribution, serving households at or below 60 percent of area median income, promoting economic development and job creation, coordinating with other agencies, incentivizing nontraditional funding sources, and encouraging innovative approaches to reduce housing instability and its associated costs. Additionally, the bill requires periodic audits of fund allocation and an annual report from HCD detailing fund expenditures, impact on job creation and the economy, and the effectiveness of funding for homeless individuals.