Housing finance: barriers to downsizing: study.
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Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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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 directs the Department of Housing and Community Development to conduct a study on the reasons seniors 60 and older choose to downsize their homes and whether financial challenges are a barrier. The study will examine trends in housing preferences and explore the feasibility of allowing seniors to transfer their existing mortgage interest rate to a new home when downsizing. The study’s findings and recommendations will be submitted to the Legislature within one year of an appropriation.
Key provisions
- Requires the Department of Housing and Community Development to conduct a study on senior downsizing.
- The study will examine financial and non-financial barriers to downsizing.
- The study will analyze trends in senior housing preferences.
- The study will evaluate the potential for transferring mortgage interest rates to new homes.
- The report on the study must be submitted to the Legislature within one year of an appropriation.
- The study will conclude on January 1, 2032.
Who is affected
- Seniors 60 years of age and older
- Mortgage lenders
- The Department of Housing and Community Development
- The California Legislature
Notable changes
- Authorizes a borrower to transfer their existing mortgage interest rate and loan term to a new home when downsizing.
Bill text
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Sponsors
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1 on record
Primary sponsor
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