CA AB1868

Establishes a rebuttable presumption that county assessors shall not include the value of a deed of trust in property assessments at the time of purchase for affordable housing contracts meeting specified requirements.

Applies to contracts with nonprofit corporations that have received welfare exemptions for low-income homebuyer programs, restrict land use for at least 30 years to affordable owner-occupied housing, and include recorded deeds of trust to ensure program compliance.

Expands community land trust provisions to allow wholly owned subsidiaries to enter ground leases and permits affordability covenants on condominium units as alternatives to ground leases in common interest developments.

Incorporates conditional amendments from Assembly Bill 2897 that become operative only if both bills are enacted and AB 1868 is enacted after AB 2897.

Requires state reimbursement to local agencies and school districts for any costs mandated by the state as determined by the Commission on State Mandates.