Assemblymember Matt Haney’s (D-San Francisco) AB 572 passed out of the Senate Floor and heads to Governor’s desk awaiting signature.
This bill prohibits steep homeowner associations (HOA) fee increases that push low income homeowners into foreclosure by capping them at 5% plus the rate of inflation or 10%, whichever is less for below market rate owners.
“There is a clear deficiency in our current policy that we have a maximum on how much people have to pay for their mortgage in below-market rate programs, but no limitations on how much their HOA fees can increase by,” said Haney. “This is pushing many families who are owning a home for the first time in generations to foreclose on their home.”
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