As California continues to deal with debilitating natural disasters, the state legislature passed legislation creating a new tool to help property owners sell their damaged homes after a disaster.
The bill (A.B. 797) passed the state Senate 29-9 on Monday, and the Assembly gave its final approval on Tuesday. It would allow the Governor’s Office of Business and Economic Development to issue zero interest tradable securities that financial institutions could purchase and then allocate the funds to nonprofits that would buy, rebuild, and sell properties.
The bill previously passed the Assembly in June after a 69-3 vote. It will now ...