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Committee advances Community Stabilization Act to help wildfire-burned homeowners and preserve neighborhoods
Summary
AB 797 would let mission-driven nonprofits acquire burned properties using securities issued by the state and Community Reinvestment Act (CRA) funds, a market-based tool backers say would protect homeowners from predatory offers; committee voted to send the bill to Appropriations on an 8-0 vote.
Assemblymember Harbidian presented Assembly Bill 797, the Community Stabilization Act, describing the measure as a financing tool to protect wildfire-affected homeowners from predatory purchases and to preserve neighborhood stability.
Harbidian said the bill would authorize the state — through the Governor's Office of Business and Economic Development (GO-Biz) — to issue zero-interest securities that financial institutions could purchase using Community Reinvestment Act…
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