California First Time Homeowner Dream Act.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Environmental Quality
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
California Assembly Bill 317, the ‘California First Time Homeowner Dream Act,’ proposes changes to environmental review processes and property tax regulations to encourage homeownership. It creates a CEQA exemption for the construction of new, smaller single-family homes (1,500 square feet or less with no more than 3 bedrooms) intended for first-time homebuyers, requiring specific legal commitments from developers. Additionally, the bill allows for the deferral of property taxes on newly constructed homes meeting certain criteria, subject to notification requirements and potential penalties if conditions change.
Key provisions
- Creates a CEQA exemption for new single-family homes meeting specific size and buyer criteria.
- Requires developers to provide legal commitments to qualify for the CEQA exemption.
- Allows for the deferral of property taxes on qualifying new homes.
- Establishes notification requirements for property owners regarding changes in property status.
- Specifies due dates for deferred property tax installments.
- Requires a notice of exemption to be filed with the Office of Land Use and Climate Innovation and the county clerk.
- Provides for state reimbursement of costs mandated by the bill to local agencies and school districts.
Who is affected
- First-time homebuyers
- Developers of residential properties
- County Assessor's Offices
- Local government agencies (particularly those involved in CEQA review)
Bill text
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Sponsors
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1 on record
Primary sponsor
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