California AB797 establishes a Community Stabilization Act to stabilize property values in disaster-impacted areas of Los Angeles and Ventura.

California AB797, the Community Stabilization Act, aims to stabilize property values in areas affected by the wildfires in Los Angeles and Ventura Counties. The act creates a Community Stabilization Fund to be managed by a bank, which will allocate funds to qualified investment entities. These entities will purchase residential properties damaged or destroyed by the wildfires. The act outlines the distribution of profits from the sale or refinance of these properties, with 90% going to qualified investors, 5% to the bank, and 5% to the investment entity as an administrative fee.

California AB797 establishes a Community Stabilization Act to stabilize property values in disaster-impacted areas of Los Angeles and Ventura.

California AB797, the Community Stabilization Act, aims to stabilize property values in areas affected by the wildfires in Los Angeles and Ventura Counties. The act creates a Community Stabilization Fund to be managed by a bank, which will allocate funds to qualified investment entities. These entities will purchase residential properties damaged or destroyed by the wildfires. The act outlines the distribution of profits from the sale or refinance of these properties, with 90% going to qualified investors, 5% to the bank, and 5% to the investment entity as an administrative fee.