CA AB2281

Department of Business Oversight must develop and implement a program by January 1, 2018 providing nonmonetary incentives to sellers of single-family dwellings who sell to owner-occupants, with the goal of making preapproved loan buyers as competitive as cash buyers.

Department of Business Oversight must establish the Families Compete Program by January 1, 2018 in coordination with the Bureau of Real Estate and California Housing Finance Agency to provide downpayment assistance to low- to moderate-income families, contingent on legislative appropriation.

Legislation finds that homeownership rates have declined to 63.4 percent nationally and nearly seven percentage points in California since 2006, and that nearly half of renters pay more than 30 percent of income on rent.

Intent is to provide monetary and nonmonetary incentives to boost homeownership and enable low- and moderate-income residents to compete in California's real estate market.