TITLE 6.6. Antidisplacement Commercial Property Acquisition Program
62400.62600.
This title shall be known, and may be cited, as the Antidisplacement Commercial Property Acquisition Program.62401.62601.
The Antidisplacement Commercial Property Acquisition Program is hereby established, to be administered by the Department of Housing and Community Development. Governor’s Office of Business and Economic Development. The program shall provide low-interest loans to eligible community-based acquisition partners to acquire commercial property in communities that are vulnerable to gentrification and displacement in order to achieve the following goals:
(a) To ensure local businesses remain in high-risk communities vulnerable to gentrification and displacement.
(b) To stabilize Black-, indigenous-, people of color-, and women-owned small businesses in order to preserve and strengthen low-income communities of color.
(c) To strengthen communities that have historically faced redlining and systemic disinvestment.
62402.62602.
For purposes of this title:(a)“Department” means the Department of Housing and Community Development.
(b)
(a) “Eligible community-based acquisition partner” means a nonprofit
organization or a land trust.
(c)
(b) “Fund” means the Antidisplacement Commercial Property Acquisition Revolving Loan Fund established in Section 62403.
(c) “GO-Biz” means the Governor’s Office of Business and Economic Development.
(d) “Program” means the Antidisplacement Commercial Property Acquisition Program established pursuant to this title.
62403.62603.
(a) There is hereby created in the State Treasury the Antidisplacement Commercial Property Acquisition Revolving Loan Fund, to be administered by the department, GO-Biz, to provide low-interest loans to eligible community-based acquisition partners, nonprofit organizations, and land trusts, to acquire commercial property in communities that are vulnerable to gentrification and displacement.(b) The department, GO-Biz, upon appropriation by the Legislature to the fund for these purposes, may provide low-interest loans from the fund for purposes of the program to eligible community-based acquisition partners that meet the requirements of, and regulations adopted pursuant to, this title.
(c) All moneys received for repayment of a loan, and any penalties, interest, and fees in connection with a loan, provided pursuant to the program shall be deposited in the fund for appropriation by the Legislature. Penalty moneys in the revolving fund shall be available, upon appropriation by the Legislature, for additional loans authorized under this title.
(d) The department GO-Biz may use moneys in the fund, upon appropriation for this purpose, for administrative costs incurred in implementing the program.
62404.The department
62604.
GO-Biz shall adopt regulations to administer this title that include, but are not limited to, the following:(a) Qualifications that prioritize the preservation of Black-, indigenous-, people of color-, and women-owned businesses and the acquisition of commercial property in culturally significant commercial corridors.
(b) Guidelines for the use of funds that prevent the displacement of communities of color, including long-term use restrictions on the property and social impact requirements
on the businesses.
62405.62605.
(a) By January 1, 2030, or five years after the disbursement of the first loan by the department GO-Biz pursuant to this title, whichever is later, the department GO-Biz shall report to the Legislature on the progress of the program,
including how the program has supported its own goals.(b) The report shall be submitted in accordance with Section 9795.
62406.62606.
The implementation of this title is contingent upon appropriation by the Legislature in the annual Budget Act or another statute for its purposes.