Surplus residential property: condition-adjusted price of the fair market value: Cities of Pasadena and South Pasadena.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how the state sells surplus residential property in Pasadena and South Pasadena. Instead of offering properties at a fair market value and then an affordable price, it requires the first offer to be based on a ‘condition-adjusted fair market value,’ reflecting the property’s current state and needed repairs. The bill also directs the cities to offer these properties to current tenants at this adjusted value and requires proceeds from sales to be used for affordable housing initiatives. It deletes provisions related to the Department of Transportation selling nonresidential property to cities or nonprofits at below-market prices and modifies requirements for the City of Pasadena and South Pasadena regarding affordable housing development.
Key provisions
- Requires the first offer for surplus residential property to be based on ‘condition-adjusted fair market value,’ defined as the property’s value adjusted for its current condition and necessary repairs.
- Defines ‘condition-adjusted fair market value’ as the fair market value as of October 13, 2019, adjusted for existing condition and required repairs.
- Requires cities of Pasadena and South Pasadena to offer surplus residential properties to current tenants at the condition-adjusted fair market value.
- Authorizes cities to sell surplus residential properties to tenants regardless of tenant standing, with proceeds going to an affordable housing trust fund.
- Changes the timeline for the City of Pasadena to commence affordable housing construction to within two years of receiving proceeds from surplus property sales.
Bill text
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