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Committee advances AB 939 to let nonprofits buy income-restricted homes earlier
Summary
AB 939 would remove a 180-day resale restriction to allow qualified nonprofits under contract with developers to acquire income-restricted for-sale units sooner, proponents said, reducing vacancy and carrying costs while speeding homeownership for low-income buyers.
Assemblymember Schultz presented AB 939 as a narrowly tailored fix to a timing issue in California’s density-bonus law that can leave income-restricted homeownership units vacant for six months or more. Schultz said current law prevents nonprofits from acquiring units during the entitlement phase and requires a six-month (180-day) delay after certificate…
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