Cooperative ownership is a solution for affordable housing in California. However, current laws block cooperative homeownership for many people, by making the process unnecessarily difficult and too expensive. Sign AB 1024 and reform these laws!
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AB 1024 addresses 2 major barriers to cooperative ownership:
1. It removes barriers to shared financing. Under AB 1024, responsible homeowners could share a single mortgage (a "blanket encumbrance") on all housing units and the entire property.
2. It enables community banks to offer loans without making homeowners jump through hoops. Currently, would-be homeowners are required to submit an expensive, bureaucratic public report (a year-long process) before they can receive financing. Under AB 1024, chartered credit unions and community development banks could finance their homeownership without the report.
These simple changes will make a world of difference to the people who want to own affordable, cooperative homes -- without any significant impact to city finances. We urge you to sign AB 1024!
This petition closed over 3 years ago
Support affordable homeownership in California by supporting AB 1024, which removes unnecessary barriers to cooperative ownership of land and homes. Together, we request that Governor Brown sign...
Support affordable homeownership in California by supporting AB 1024, which removes unnecessary barriers to cooperative ownership of land and homes. Together, we request that Governor Brown sign the bill and allow cooperative ownership to grow in California!
Cooperative homeownership gathers people and resources together to create affordable, self-governed communities. Especially now, after foreclosure and debt have put homeownership out of reach for many Americans, we need to allow for collaboration and the creative use of limited resources -- and enable people to pursue affordable alternatives to the expensive housing market.
Sign this petition to tell Governor Brown that you want cooperative housing to be a viable option for everyone in California.
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For more information:
People and organizations supporting AB 1024:
Norma Torres, now State Senator (D-32), former California Assembly member (D-52)
Sustainable Economies Law Center
California Center for Cooperative Development
Bay Area Community Land Trust
East Bay Cooperative Housing Coalition
San Francisco Community Land Trust