Plain English Breakdown
The phrase 'as specified' in the bill summary suggests there are specific rules or conditions for these transfers, but those details are not provided in the source material.
AB-2020: Moving Extra Money Between Rental Housing Projects
This law allows the Department of Housing and Community Development to approve moving extra money from one rental building owned by a person or group to another rental building they also own.
What This Bill Does
- Allows the department to authorize transferring excess reserves between rental housing developments with the same owner.
- Allows the department to authorize transferring excess operating income between rental housing developments with the same owner.
Who It Names or Affects
- The Department of Housing and Community Development
- Owners who have more than one rental housing development
Limits and Unknowns
- The bill states that 'excess reserves' and 'operating income' are defined, but the specific definitions are not included in this summary.
- It is unclear how much money can be moved at one time because no dollar limits or percentages are listed.