\n
We need your help to tell the Senate Housing Committee to VOTE NO on AB 3182 (Ting) before their hearing on July 30, 2020. AB 3182 will prohibit an association from including rental or lease restrictions in its governing documents jeopardizing the ability for associations to access financing when needed to address needed improvements and to maintain property values.
\n
\n
AB 3182 will also make it more difficult for first-time homebuyers, seniors and veterans who access federal insured lending programs, like FHA, from purchasing condominiums. Here’s what you need to know:
\n
\n
\n - - Generally, rentals are not an issue in common interest developments (CIDs) and the current law is more than adequate to provide the flexibility needed for an association to address the issue locally. Rentals become a problem in a common interest development when there are too many, which leads to issues with obtaining financing, either for the common interest development or the prospective owner.
\n - - AB 3182 will exacerbate the issue by prohibiting a common interest development from imposing a cap of less than 25 percent rentals, even if it’s necessary to obtain financing. While federal loan programs generally allow for a lower owner occupancy rate to secure financing, many private lenders require a much lower rate.
\n - - AB 3182 will require many associations to amend their governing documents to address the change in law. This is a cost many associations cannot afford, especially while dealing with impact of COVID-19. These costs will be passed onto owners through additional assessments, which is the exact opposite of what we should be doing in California.
\n - - Condominiums in common interest developments offer first-time homebuyers an affordable way to invest in homeownership, especially in vibrant urban environments. They also provide a sense of community not always present in other communities. Condominiums are answering the call from the State when it comes to affordable housing. Unfortunately, AB 3182 will only make condos more expensive, at a time when we can least afford it.
\n - - AB 3182 will increase housing costs, exacerbating the affordable housing crisis, by discouraging homeownership by encouraging investor buyers.
\n
\n
\n
TAKE ACTION by sending our sample email to the legislators listed. You can include all emails in the BCC line of the email to save time.
\n
![\"\"](\"https://files.constantcontact.com/0bc84b10701/06bff1a6-9f46-4ec4-97ed-0293fcc215db.png\")
