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September 30, 2020 Comments Off on California Law Restrains Corporate Ownership of Foreclosed Homes Views: 948 California News, Top California

California Law Restrains Corporate Ownership of Foreclosed Homes

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California Governor Gavin Newsom signed legislation that will help the state make significant progress toward reaching housing construction and equity goals. The package of 15 bills signed this week includes new rights for tenants and community groups to purchase homes facing foreclosure, as well as a series of improvements to state law designed to generate more inclusive and affordable neighborhoods and bring housing within reach of more working Californians.

The bills the Governor signed are expected to streamline funding for affordable housing, encourage developers to build more moderate-income homes, and help teachers find housing affordable for them. Once such bill, SB 1079 by Senator Nancy Skinner (D-Berkeley), is designed to restrict corporations from buying up foreclosed homes and halt them falling into disrepair.

That means tenants, families, local governments, affordable housing nonprofits and community land trusts will have a chance to buy foreclosed homes first. Sellers of foreclosed homes won’t be allowed to bundle and sell properties at auction to a single buyer. Buyers would have 45 days to exceed the top auction bid.

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