AB 2347 Summary

• Allows public entities (cities, counties, redevelopment agencies) to postpone nonjudicial foreclosure sales by up to 60 days for properties with 5 or more multifamily units where the entity is party to a regulatory agreement or recorded deed restriction for low-income housing.

• Requires the public entity to provide written notice to the trustee at least 72 hours before the scheduled sale date via certified mail, registered mail, guaranteed overnight delivery, or personal delivery.

• Limits the postponement power to one exercise per foreclosure and prohibits its use if more than 180 days have elapsed since the notice of default was filed.

• Specifies that if multiple public entities hold regulatory agreements or deed restrictions on the property, only one entity may exercise the postponement authority.

• Sunsets this provision on January 1, 2013, unless extended by later legislation; a permanent version of the law becomes operative on January 1, 2013.