Plain English Breakdown
The official source material does not provide specific details on how much funding will be available or which local public entities will request funds, leaving these aspects uncertain.
Community Anti-Displacement and Preservation Program
This law establishes a program to purchase and repair housing units, adding long-term affordability restrictions to prevent displacement of current residents.
What This Bill Does
- Establishes the Community Anti-Displacement and Preservation Program for funding the acquisition and rehabilitation of unrestricted housing units while attaching long-term affordability restrictions.
- Requires the Department of Housing and Community Development to select a private sector entity or consortium to manage the program for five years.
- Authorizes the department to grant funds to local public entities upon request, allowing them to lend money to eligible borrowers within their jurisdiction.
- Applies specified tenant protections to projects funded by the program.
- Establishes the Community Anti-Displacement and Preservation Fund in the State Treasury.
Who It Names or Affects
- Current residents of housing units at risk of becoming too expensive, who may benefit from long-term affordability restrictions.
- Local public entities that can request funds for affordable housing projects within their jurisdiction.
- Private sector entities or consortia selected by the Department of Housing and Community Development to manage the program.
Terms To Know
- affordability restriction
- A rule that keeps a home’s rent or price at an affordable level for a certain period of time.
- tenant protections
- Rules designed to protect renters from unfair treatment by landlords, such as preventing eviction without cause.
Limits and Unknowns
- The bill does not specify the amount of money available in the Community Anti-Displacement and Preservation Fund.
- It is unclear which local public entities will request funds for affordable housing projects.
- Details on how tenant protections are applied to funded projects are not fully specified.