AB 197 Summary

• Establishes the California Dream for All Program to provide shared appreciation loans to low- and moderate-income first-time homebuyers, enabling homeownership with minimal down payments while creating a revolving fund as properties are sold or refinanced.

• Expands the Encampment Resolution Funding program to support additional funding rounds beyond the initial 2021-22 appropriation, allowing grants to be awarded on a rolling basis to resolve homelessness encampments and transition individuals into stable housing.

• Renames and expands the Mobilehome Park Rehabilitation and Resident Ownership Program to the Manufactured Housing Opportunity and Revitalization (MORE) Program, broadening eligible uses to include health and safety repairs, reconstruction, and replacement of mobilehome parks.

• Extends deadlines for the Local Government Planning Support Grants Program from December 31, 2023, to December 31, 2024, for fund expenditures and December 31, 2024, to December 31, 2025, for final reporting.

• Modifies housing element rezoning requirements to grant jurisdictions 3 years and 120 days (instead of 1 year) to complete required rezonings if they adopt compliant housing elements within one year of the statutory deadline, with possible one-year extensions under specified circumstances.