CA AB1721

Establishes the Seismic Retrofitting Program for Soft Story Multifamily Housing to provide financial assistance to owners of soft story multifamily housing (2-3 story buildings with 5-20 units) for seismic retrofitting to reduce earthquake collapse risk.

Creates the Seismic Retrofitting Program for Soft Story Multifamily Housing Fund and subsidiary Seismic Retrofitting Account within the State Treasury with $400,000,000 appropriated annually to the California Earthquake Authority for program distribution.

Requires the Office of Emergency Services and California Earthquake Authority to enter into or use a joint powers agreement to develop and administer the program, with priority given to communities with high social vulnerability and high concentrations of soft story housing in high seismic areas.

Mandates joint powers authority to develop eligibility criteria and scoring methodology prioritizing earthquake vulnerability, low- and moderate-income households, and socioeconomic characteristics such as poverty, disability, language barriers, and age demographics.

Makes program provisions inoperative on July 1, 2042, and repeals them January 1, 2043; requires legislative report by July 1, 2042, on program cost-effectiveness, earthquake risk reduction achieved, and details on geographic distribution and monetary value of awards.