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Committee advances Community Stabilization Act to help wildfire victims sell homes without predatory offers
Summary
AB 797 would let the state issue zero-interest securities bought with Community Reinvestment Act dollars so qualified nonprofits can buy wildfire-damaged homes and steward them for community benefit; committee advanced the bill to appropriations.
Assemblymember Harbidian introduced Assembly Bill 797, titled the Community Stabilization Act, describing proposals to stabilize property markets after destructive wildfires and protect homeowners from predatory offers.
Harbidian said the bill would authorize the Governor’s Office of Business and Economic Development (GO-Biz) to issue zero-interest securities that financial institutions could buy with…
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