AB 797
Community Stabilization Act: Counties of Los Angeles and Ventura.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Vetoed
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
The Community Stabilization Act (AB 797) aims to help stabilize property values in Los Angeles and Ventura counties following wildfires and other disasters. It proposes a program where the state’s I-Bank would issue a security, funded by investments from qualified investors, to purchase and manage residential land. Profits from these investments would be shared between investors and the I-Bank, with the goal of facilitating homeownership and preventing predatory land grabs. The program would require specific criteria for investors and land purchases, and establish a dedicated Community Stabilization Fund to support these efforts.
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