CA AB2388

Requires the Department of Housing and Community Development and California Housing Finance Agency to report to the Legislature by January 1, 2018, on ways to increase homeownership for extremely low, very low, and low-income households.

Mandates the survey include data on housing authorities' single-family properties available for lease, conversions to ownership in the past five years, use of federal Neighborhood Stabilization Program funding, and existing homeownership programs.

Report must identify barriers to homeownership, best practices from successful housing authority programs, strategies to target low-income people for homeownership, and available funding programs.

Requires local government agencies that own and lease single-family residences to establish mortgage programs by January 1, 2018, allocating 10 percent of owned properties for tenant purchase at monthly payments not exceeding current rent.

Article automatically repeals on January 1, 2022.