CA SB1220

Establishes the Housing Opportunity and Market Stabilization (HOMeS) Trust Fund within the State Treasury to provide permanent, ongoing funding for affordable housing development and related programs.

Imposes a $75 recording fee on most real estate documents and instruments (deeds, deeds of trust, liens, etc.) but exempts recordings connected to property sales subject to documentary transfer tax.

Requires counties to send quarterly fee revenues (after deducting administrative costs) to the Department of Housing and Community Development for deposit in the HOMeS Trust Fund.

Authorizes fund expenditures for affordable housing development, acquisition, rehabilitation, preservation, emergency shelters, rental housing subsidies, foreclosure mitigation, homeownership programs, and program administration (capped at 5 percent of annual funds).

Requires the Bureau of State Audits to conduct periodic audits of fund allocation and the Department of Housing and Community Development to report annually to the Legislature on fund expenditures.