CA AB1429

Recognizes the California Residential Mitigation Program (CRMP), a joint powers authority created in 2012 by the California Earthquake Authority and Office of Emergency Services, to implement a seismic retrofit grant program.

Authorizes CRMP to award grants to qualifying owners of residential structures with 5-10 dwelling units to help defray seismic retrofit costs, effective July 1, 2017, if the Legislature appropriates funds.

Requires applicant owners to be recorded owners with written consent from all other owners, occupy tenants in lower-income households, meet structural requirements, and be located in high-risk earthquake areas.

Requires CRMP's governing board to adopt policies and procedures establishing eligibility criteria, structural requirements, geographic risk criteria, qualifying retrofit work, and grant amount determinations, with public notice and comment opportunity.

Makes findings that increased earthquake mitigation would result in more homes surviving earthquakes and lower insurance rates for retrofitted homes, with only 12 percent of California homeowners currently carrying earthquake insurance.