CA SB454

Extends indefinitely (removes January 1, 2011 repeal date) notice and procedural requirements for owners of government-subsidized rental housing regarding decisions not to extend subsidy programs or renew rental restrictions.

Requires owners to provide affected tenants and public entities with notice at least 12 months before terminating subsidies, prepaying mortgages, or allowing rental restrictions to expire, and at least 6 months with detailed information about rent changes.

Mandates owners give qualified entities (tenant associations, nonprofit organizations, public agencies, and profit-motivated entities) an opportunity to submit offers to purchase the development within specified timeframes before sale or disposition.

Requires owners exempting themselves from notice requirements to record a regulatory agreement guaranteeing no involuntary displacement of low-income tenants, continued acceptance of rental subsidies, and restricted rent levels based on area median income percentages.

Provides injunctive relief remedies for affected parties, including tenants and public entities, to enforce compliance with notice and right-of-first-refusal requirements.