Eliminates specified requirements of a lease agreement between a lower income household and a community land trust for it to continue as occupied by lower income.
Amends the definition of community land trust to extend these requirements to a wholly owned subsidiary of the trust that is solely directed and managed by the trust.
The bill would update the requirement that a specified land owned by the nonprofit corporation is to be leased to the qualified owner for a term of ninety-nine (99) years.
Instead requires the land either be leased to the qualified owner for a term of 99 years, or sold to qualified owners for the convenient occupation and use of that unit.
Imposes a state-mandated local program by expanding the duties of local tax officials.
Makes conforming changes relating to the definition of a community land trust.
Incorporates additional changes to CAL LEG 1-2-3-1-402.1 proposed by AB 1868 to be operative only if this bill and AB 1868 are enacted and this bill is enacted last.
Legislative History
On Feb. 15, 2024, bill introduced in Assembly; on May 21, 2024, passed Assembly.
On May 22, 2024, bill was introduced in Senate; on Aug. 26, 2024, bill passed Senate.
On Aug. 27, 2024, bill amendment concurred; on Sep 5, 2024, delivered to Governor.
Effectiveness
Operative if AB 1868 and this bill are enacted; and effective on or before Jan. 1, 2025.
Sep. 2024 CAL LEG Governor Approved
On Sep. 25, 2024, CAL LEG reported governor approved AB 2897 as Chapter 580.
