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2009-2010 session
AB 1246 JonesWorkforce housing cooperative trust.An act to amend Section 11003.4 of the Business and Professions Code, to amend Section 1351 of, and to add Chapter 5 (commencing with Section 817) to Title 2 of Part 2 of Division 2 of, the Civil Code, and to amend Sections 33413.7 and 50073 of, and to repeal Section 33007.5 of, the Health and Safety Code, relating to housing.
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Chaptered Oct. 11, 2009
Chaptered Location:
Secretary of State
Scheduled hearings:
None
Vote required
Appropriations
Local program
Urgency
Tax levy
Majority
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperative was sold or leased by theDepartment of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) Existing law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would, except as provided, prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial.The bill would authorize that, in any suit against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with specified requirements, a prevailing plaintiff recover reasonable attorneys fees and costs. The bill would prohibit an organization formed under the act that uses public funds from using any corporate funds to avoid compliance with its provisions, and from pursuing dissolution if the intent or outcome is for the members toreceive any payment in excess of the transfer value to which he or she is entitled, pursuant to specified law. The bill would impose procedural requirements relating to the dissolution of a limited-equity housing cooperative or workforce housing cooperative trust that receives or has received a public subsidy. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. The bill would make technical and conforming changes to existing law. »Less
Bill history [ Beta! ]
Location: Governor Governor
Oct. 11, 2009
Approved by the Governor.  Version: ChapteredAuthor:
Jones, LEAD_AUTHOR
Subject:
Workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, to amend Section 1351 of, and to add Chapter 5 (commencing with Section 817) to Title 2 of Part 2 of Division 2 of, the Civil Code, and to amend Sections 33413.7 and 50073 of, and to repeal Section 33007.5 of, the Health and Safety Code, relating to housing. Action:
Chaptered
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperative was sold or leased by theDepartment of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) Existing law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would, except as provided, prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial.The bill would authorize that, in any suit against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with specified requirements, a prevailing plaintiff recover reasonable attorneys fees and costs. The bill would prohibit an organization formed under the act that uses public funds from using any corporate funds to avoid compliance with its provisions, and from pursuing dissolution if the intent or outcome is for the members toreceive any payment in excess of the transfer value to which he or she is entitled, pursuant to specified law. The bill would impose procedural requirements relating to the dissolution of a limited-equity housing cooperative or workforce housing cooperative trust that receives or has received a public subsidy. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. The bill would make technical and conforming changes to existing law. »Less
Aug. 31, 2009
Enrolled and to the Governor at 5:15 p.m. Aug. 26, 2009
Version: EnrolledAuthor:
Jones, LEAD_AUTHOR
Subject:
Workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, to amend Section 1351 of, and to add Chapter 5 (commencing with Section 817) to Title 2 of Part 2 of Division 2 of, the Civil Code, and to amend Sections 33413.7 and 50073 of, and to repeal Section 33007.5 of, the Health and Safety Code, relating to housing. Action:
Enrolled
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperative was sold or leased by theDepartment of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) Existing law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would, except as provided, prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial.The bill would authorize that, in any suit against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with specified requirements, a prevailing plaintiff recover reasonable attorneys fees and costs. The bill would prohibit an organization formed under the act that uses public funds from using any corporate funds to avoid compliance with its provisions, and from pursuing dissolution if the intent or outcome is for the members toreceive any payment in excess of the transfer value to which he or she is entitled, pursuant to specified law. The bill would impose procedural requirements relating to the dissolution of a limited-equity housing cooperative or workforce housing cooperative trust that receives or has received a public subsidy. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. The bill would make technical and conforming changes to existing law. »Less
Location: Assembly Floor
Aug. 24, 2009
Vote: Assembly FloorAyes: 77
Noes: 0
Abstain: 2
Motion:
AB 1246 JONES Concurrence in Senate Amendments
Anthony Adams Tom Ammiano Joel Anderson Juan Arambula Audra Strickland Karen Bass Jim Beall Bill Berryhill Sam Blakeslee Marty Block Bob Blumenfield Bonnie Lowenthal Julia Brownley Joan Buchanan Anna Marie Caballero Wilmer Carter Charles Calderon Wesley Chesbro Connie Conway Paul Cook Joe Coto Mike Davis Hector De La Torre Kevin De Leon Chuck DeVore Mike Duvall Bill Emmerson Mike Eng Noreen Evans Mike Feuer Nathan Fletcher Paul Fong Felipe Fuentes Jean Fuller Warren Furutani Ted Gaines Cathleen Galgiani Martin Garrick Danny Gilmore Curt Hagman Diane Harkey Mary Hayashi Ed Hernandez Jerry Hill Alyson Huber Jared William Huffman Kevin Jeffries John Pérez Dave Jones Steve Knight Paul Krekorian Ted W. Lieu Dan Logue Fiona Ma Tony Mendoza Jeff Miller William Monning Pedro Nava Brian Nestande Roger Niello Jim Nielsen Anthony Portantino Ira Ruskin Mary Salas Jim Silva Nancy Skinner Cameron Smyth Jose Solorio Sandre Swanson Tom Berryhill Tom Torlakson Norma Torres Alberto Torrico Van Tran V. Manuel Perez Michael Villines Mariko Yamada Isadore Hall Lori Saldaña
Location: Assembly E&E AssemblyE&E
Aug. 24, 2009
Senate amendments concurred in. To enrollment. (Ayes 77. Noes 0. Page 2704.) Aug. 19, 2009
House: A
Type: CSA1 Committe code: CZ01 Committee name: ASSEMBLY FLOOR ANALYSIS Released floor: Y MSWord 
Location: Senate Floor
Aug. 17, 2009
Vote: Senate FloorAyes: 35
Noes: 0
Abstain: 5
Motion:
Special Consent #14 AB1246 Jones
Sam Aanestad Elaine Alquist Roy Ashburn John J. Benoit Ron Calderon Gilbert Cedillo Dave Cogdill Ellen Corbett Lou Correa Dave Cox Mark DeSaulnier Jeff Denham Robert Dutton Dean Florez Loni Hancock Tom Harman Dennis Hollingsworth Bob Huff Christine Kehoe Mark Leno Carol Liu Alan Lowenthal Gloria Negrete McLeod Alex Padilla Fran Pavley Curren Price George Runner Joseph Simitian Darrell Steinberg Tony Strickland Mimi Walters Patricia Wiggins Lois Wolk Mark Wyland Leland Yee Denise Moreno Ducheny Abel Maldonado Jenny Oropeza Gloria Romero Roderick Wright
Location: Senate Desk SenateDesk
Aug. 17, 2009
Read third time, passed, and to Assembly. (Ayes 35. Noes 0. Page 1843.) July 15, 2009
(Corrected July 21.)
House: S
Type: FLOOR Committe code: CZ09 Committee name: Sen. Floor Analyses Released floor: Y MSWord Version: Amended SenateAuthor:
Jones, LEAD_AUTHOR
Subject:
Workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, to amend Section 1351 of, and to add Chapter 5 (commencing with Section 817) to Title 2 of Part 2 of Division 2 of, the Civil Code, and to amend Sections 33413.7 and 50073 of, and to repeal Section 33007.5 of, the Health and Safety Code, relating to housing. Action:
Amended Senate
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperative was sold or leased by theDepartment of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) Existing law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would , except as provided, prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial.The bill would authorize that, in any suit against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with specified requirements, a prevailing plaintiff recover reasonable attorneys fees and costs. The bill would prohibit an organization formed under the act that uses public funds from using any corporate funds to avoid compliance with its provisions, and from pursuing dissolution if the intent or outcome is for the members to receive any payment in excess of the transfer value to which he or she is entitled, pursuant to specified law . The bill would impose procedural requirements relating to the dissolution of a limited-equity housing cooperative or workforce housing cooperative trust that receives or has received a public subsidy. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. The bill would make technical and conforming changes to existing law. »Less
July 14, 2009
From committee: Amend, and do pass as amended. (Ayes 10. Noes 0.) (July 7).
Location: Sen Transportation and Housing
July 7, 2009
Vote: Sen Transportation and HousingAyes: 10
Noes: 0
Abstain: 1
Motion:
Do pass as amended.
Roy Ashburn Mark DeSaulnier Tom Harman Dennis Hollingsworth Bob Huff Christine Kehoe Alan Lowenthal Fran Pavley Joseph Simitian Lois Wolk Jenny Oropeza July 1, 2009
In committee: Hearing postponed by committee. June 29, 2009
In committee: Hearing postponed by committee. June 23, 2009
In committee: Set, first hearing. Hearing canceled at the request of author.
Location: Sen Sen. Transportation And Housing
June 18, 2009
House: S
Type: CMTE Committe code: CS59 Committee name: Sen. Transportation and Housing Released floor: Y MSWord
Location: Senate Committee Sen Transportation and Housing Sen Transportation and Housing
June 16, 2009
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on T. & H. Version: Amended SenateAuthor:
Jones, LEAD_AUTHOR
Subject:
Workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, to amend Section 1351 of, and to add Chapter 5 (commencing with Section 817) to Title 2 of Part 2 of Division 2 of, the Civil Code, and to amend Sections 33413.7 and 50073 of, and to repeal Section 33007.5 of, the Health and Safety Code, relating to housing. Action:
Amended Senate
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such anentity from these provisions if the real property to be occupied by the cooperative was sold or leased by the Department of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) Existing law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a workforce housing cooperative trust.The bill would prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial. The bill would authorize that, in any suit against a board of directors and its members based upon a breach of corporate or fiduciary duties or a failure to comply with specifiedrequirements, a prevailing plaintiff recover reasonable attorneys fees and costs . The bill would prohibit an organization formed under the act that uses public funds from using any corporate funds to avoid compliance with its provisions , and from pursuing dissolution if the intent or outcome is for the members to occupy those units upon dissolution. The bill would prohibit the members of the board of directors and the board of directors from arranging to occupy units in fee simple or as a rental after dissolution of the organization. The bill would imposeprocedural requirements relating to the dissolution of a limited-equity housing cooperative or workforce housing cooperative trust that receives or has received a public subsidy. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. The bill would make technical and conforming changes to existing law. »Less
June 4, 2009
Referred to Com. on T. & H.
Location: Assembly Floor
May 18, 2009
Vote: Assembly FloorAyes: 77
Noes: 0
Abstain: 3
Motion:
AB 1246 JONES Consent Calendar Second Day Regular Session
Anthony Adams Tom Ammiano Joel Anderson Juan Arambula Audra Strickland Karen Bass Jim Beall Bill Berryhill Sam Blakeslee Marty Block Bob Blumenfield Bonnie Lowenthal Julia Brownley Joan Buchanan Anna Marie Caballero Wilmer Carter Charles Calderon Wesley Chesbro Connie Conway Paul Cook Joe Coto Mike Davis Hector De La Torre Kevin De Leon Chuck DeVore Mike Duvall Bill Emmerson Noreen Evans Mike Feuer Nathan Fletcher Paul Fong Felipe Fuentes Jean Fuller Warren Furutani Ted Gaines Cathleen Galgiani Martin Garrick Danny Gilmore Curt Hagman Isadore Hall Diane Harkey Mary Hayashi Ed Hernandez Jerry Hill Alyson Huber Jared William Huffman Kevin Jeffries John Pérez Dave Jones Steve Knight Paul Krekorian Ted W. Lieu Dan Logue Fiona Ma Tony Mendoza Jeff Miller William Monning Pedro Nava Brian Nestande Roger Niello Jim Nielsen Anthony Portantino Ira Ruskin Mary Salas Jim Silva Nancy Skinner Cameron Smyth Jose Solorio Sandre Swanson Tom Berryhill Tom Torlakson Norma Torres Alberto Torrico Van Tran V. Manuel Perez Michael Villines Mariko Yamada Mike Eng Curren Price Lori Saldaña
Location: Assembly E&E AssemblyE&E
May 18, 2009
Read third time, passed, and to Senate. (Ayes 77. Noes 0. Page 1557.) May 13, 2009
Read second time. To Consent Calendar.
Location: Assembly Floor Asm Judiciary
May 12, 2009
From committee: Do pass. To Consent Calendar. (May 12). Vote: Asm JudiciaryAyes: 10
Noes: 0
Abstain: 0
Motion:
Do pass, to Consent Calendar.
Julia Brownley Noreen Evans Mike Feuer Dave Jones Steve Knight Paul Krekorian Ted W. Lieu William Monning Jim Nielsen Van Tran May 11, 2009
May 6, 2009
Re-referred to Com. on JUD.
Location: Assembly E&E AssemblyE&E
May 5, 2009
Read second time and amended. Version: Amended AssemblyAuthor:
Jones, LEAD_AUTHOR
Subject:
Housing cooperative trust and workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, and to amend Section 33007.5 of, to add Sections 33007.6 and 33007.7 to, and to add Article 4 (commencing with Section 33520) to Chapter 5 of Part 1 of Division 24 of, the Health and Safety Code, relating to housing. Action:
Amended Assembly
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperativewas sold or leased by the Department of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) The Community Redevelopment Law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial. The bill would require that, in any suit against aboard of directors and its members for not upholding the statutes that apply to such an entity the prevailing party be awarded all attorneys fees and compensatory and punitive damages. The bill would prohibit an organization formed under this section that uses public funds from using any corporate funds to avoid compliance with the Community Redevelopment Law, and from pursuing dissolution if the intent or outcome is for the members to occupy those units upon dissolution. The bill would prohibit the members of the board of directors and the board of directors from arranging to occupy units in fee simple or as a rental after dissolution of the organization. The bill would impose procedural requirements relating to the dissolution of an organization that receives a public subsidy . This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. »Less
May 4, 2009
From committee: Amend, do pass as amended, and re-refer to Com. on JUD. (Ayes 7. Noes 0.) (April 29).
Location: Asm Housing and Community Development
April 29, 2009
Vote: Asm Housing and Community DevelopmentAyes: 7
Noes: 0
Abstain: 0
Motion:
Do pass as amended and be re-referred to the Committee on Judiciary.
Mike Eng Nathan Fletcher Diane Harkey Fiona Ma Lori Saldaña Sandre Swanson Norma Torres
Location: Asm Housing And Community Development
April 27, 2009
House: A
Type: ABPCA Committe code: CX10 Committee name: HOUSING AND COMMUNITY DEVELOPMENT Released floor: Y MSWord
Location: Assembly Committee Asm Housing and Community Development Asm Housing and Community Development
April 13, 2009
Re-referred to Com. on H. & C.D. Version: Amended AssemblyAuthor:
Jones, LEAD_AUTHOR
Subject:
Housing cooperative trust and workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, and to amend Section 33007.5 of, to add Sections 33007.6 and 33007.7 to, and to add Article 4 (commencing with Section 33520) to Chapter 5 of Part 1 of Division 24 of , the Health and Safety Code, relating to housing. Action:
Amended Assembly
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperativewas sold or leased by the Department of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) The Community Redevelopment Law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial. The bill would require that, in any suit against aboard of directors and its members for not upholding the statutes that apply to such an entity the prevailing party be awarded all attorneys fees and compensatory and punitive damages. The bill would prohibit an organization formed under this section that uses public funds from using any corporate funds to avoid compliance with the Community Redevelopment Law, and from pursuing dissolution if the intent or outcome is for the members to occupy those units upon dissolution. The bill would prohibit themembers of the board of directors and the board of directors from arranging to occupy units in fee simple or as a rental after dissolution of the organization. The bill would impose procedural requirements relating to the dissolution of the organization. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. »Less
March 31, 2009
Referred to Coms. on H. & C.D. and JUD.
Location: Assembly Desk AssemblyDesk
March 2, 2009
Read first time. March 1, 2009
From printer. May be heard in committee March 30. Feb. 27, 2009
Introduced. To print. Version: IntroducedAuthor:
Jones, LEAD_AUTHOR
Subject:
Housing cooperative trust and workforce housing cooperative trust.
An act to amend Section 11003.4 of the Business and Professions Code, and to amend Section 33007.5 of, and to add Section 33075.6 to, the Health and Safety Code, relating to housing. Action:
Introduced
Substantive changes:
Vote required
Appropriations
Fiscal commitee
Local program
Urgency
Tax levy
Majority
No
No
No
No
No
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided ... »More
Digest: (1) Existing law defines limited-equity housing cooperative to be a corporation that meets specified criteria. Existing law exempts a limited-equity housing cooperative from specified requirements for the regulation of transactions of subdivided lands. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would exempt an entity as so defined from these provisions governing the regulation of transactions of subdivided land if, among other organizations, the Federal Home Loan Bank System or any of its member institutions and school districts directly finance or subsidize at least 50% of the total construction or development cost or $100,000, whichever is less. The bill also would exempt such an entity from these provisions if the real property to be occupied by the cooperativewas sold or leased by the Department of Transportation, other state agency, a city, a county, or a school district for the development of the cooperative and has a regulatory agreement, as specified. (2) The Community Redevelopment Law defines limited-equity housing cooperative to mean a corporation organized on a cooperative basis that meets specified requirements. This bill would revise the definition of a limited-equity housing cooperative to also apply to a housing cooperative trust and workforce housing cooperative trust. The bill would prohibit a board of directors from returning transfer value, either full or partial, to a member of the board while he or she still remains a member of the board, and would prohibit an existing member of the board of directors from accepting the return of his or her transfer value, either full or partial. The bill would require that, in any suit against aboard of directors and its members for not upholding the statutes that apply to such an entity the plaintiff be awarded all attorneys fees and punitive damages. The bill would prohibit an organization formed under this section that uses public funds from using any corporate funds to avoid compliance with the Community Redevelopment Law, and from pursuing dissolution if the intent or outcome is for the members to occupy those units upon dissolution. The bill would prohibit the members of the board of directors and the board of directors from arranging to occupy units in fee simple or as a rental after dissolution of the organization. This bill also would provide for the manner in which a workforce housing cooperative trust is organized and operated, as specified. »Less
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Bill language: