Today's Law As Amended


Bill PDF |Add To My Favorites | print page

AB-1090 Legislative Task Force on the California Master Plan on Homeownership.(2021-2022)



As Amends the Law Today


SECTION 1.
 The Legislature finds and declares the following:
(a) California has a severe housing crisis.
(b) In the bay area and southern California, the housing crisis has exacerbated historical residential racial segregation, causing the state’s wealthiest 10 counties to be more racially segregated than they were before the enactment of federal and state civil rights and fair housing laws beginning in 1964.
(c) Victims of the housing crisis are disproportionately members of Black, Latino, Native American, and some Asian American communities, as well as millennials and younger residents of all races.
(d) California has the lowest homeownership rates for Black (34 percent), Latino (42 percent), and Asian and Pacific Islander (58 percent) residents compared to White (63 percent) residents, and the highest housing-induced poverty rate (19 percent) and homelessness population and rate, of any state in the nation.
(e) The housing cost burden, more than 30 percent of income, was highest among Blacks (64 percent) and Latinos (60 percent) compared to Whites (51 percent), according to the National Equity Atlas.
(f) Nationally, the 2016 median net wealth for Whites was 10.2 times greater than Blacks and 7.4 times greater than Latinos, according to the Federal Reserve Bank of St. Louis.
(g) Homeownership is the gateway to economic security and intergenerational wealth, an economic equity issue vociferously articulated in 2020.
(h) To address California’s housing crisis, and housing regulatory and policy inequities, it is the intent of the Legislature to establish the Legislative Task Force on the California Master Plan on Homeownership, as provided. It is further the intent of the Legislature to require this task force to evaluate policy and regulatory impediments to increasing the rate of homeownership for Californians and, no later than October 31, 2022, to develop a final report that includes specific information and recommendations and submit that report to the Legislature.

SEC. 2.

 Chapter 4.5 (commencing with Section 50206) is added to Part 1 of Division 31 of the Health and Safety Code, to read:

CHAPTER  4.5. Legislative Task Force on the California Master Plan on Homeownership
50206.
 (a) There is hereby established a Legislative Task Force on the California Master Plan on Homeownership, hereafter referred to as the “task force.”
(b) The Executive Director of the California Housing Finance Agency shall convene the task force, serve as the chair of the task force, and provide all staff and support required by the task force. The task force shall meet upon the call of the chairperson.
(c) (1) The chairperson of the task force shall appoint a homeownership advisory committee, which shall, at minimum, consist of representatives of homeownership organizations and banking institutions. The chairperson may also invite members of the Legislature to participate in the homeownership advisory committee.
(2) Members of the homeownership advisory committee shall be drawn from diverse backgrounds to represent the interests of communities of color throughout the state, and, to the extent possible, represent geographically diverse areas of the state.
(d) The task force shall do all of the following:
(1) Evaluate policy and regulatory impediments to increasing the rate of homeownership for all Californians generally, as well as any impediments faced by millennials and persons of color in particular.
(2) No later than October 31, 2022, develop a final report on the impediments described in paragraph (1) that includes legislative and regulatory recommendations regarding ways to reduce those impediments and proposals for specific strategies to increase the rate of homeownership for all Californians.
(3) Submit the final report described in paragraph (2) to the Legislature, in accordance with Section 9795 of the Government Code, upon its completion.