Resources from The State of California
Monday, August 31, was the last day of session and the final opportunity for the legislature to pass bills on to the Governor. AB 3088 (Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020) passed out of the Senate midday and the Assembly passed the bill just before 10 p.m. Governor Newsom signed the bill. The bill will take effect immediately as an urgency measure. SCRHA remains concerned that this bill does not do enough to provide actual financial relief to keep tenants in their homes and property owners in a position to continue to provide housing.
SCRHA is still analyzing the bill and will immediately begin work to create or update forms as needed. Here are the major components of the bill:
Mortgage forbearance is provided, but on a very limited basis for owners of small rental properties only.
The first lien mortgage or deed of trust is secured by owner-occupied residential real property containing no more than four dwelling units. “Owner-occupied” means that the property is the principal residence of the borrower and is security for a loan made for personal, family, or household purposes
The first lien mortgage or deed of trust is secured by residential real property that is occupied by a tenant, contains no more than four dwelling units, and meets all of the following conditions:
SCRHA will continue to provide updates and inform members when new forms are available. Thank you again to all those who wrote to their elected officials this legislative session. The final outcome may not have been as we hoped, but your voice helped stop far worse legislation.