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FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

January 11, 2010 on 12:03 am | In Federal Government, Governor Arnold Schwarzenegger, Legal, Uncategorized, all, green |

FYI – NEW MULTIFAMILY LEGISLATION FROM SACRAMENTO

By Jodi Summers

Legislators in Sacramento were more interested in finding was of shrinking the new $7.4 billion deficit for the 2010-11 budget than they were in thinking about the hit that apartment building owners have taken in the multiunit marketplace this downturn.

Fortunately, the more ominous legislation affecting multiunit properties has been shelved until next year, but, as a local multiunit property owner, we know you want to know what has passed and what is on the horizon.

Passed

* Assembly Bill 1020 (Emmerson, R-Redlands): Limits fees that may be imposed by local and state government and preempts local health departments from adopting any new or additional safety standards on top of federal guidelines regarding public swimming pools. Brings state regulations in line with federal law regarding anti-entrapment devices in pools.

* Senate Bill 120 (Lowenthal, D-Long Beach): Allows a tenant or occupant who has paid utilities in place of a landlord in order to prevent him or her from being shut off to deduct that amount from rental payments.

* Senate Bill 290 (Leno, D-San Francisco): Extends a Jan. 1, 2010, sunset period for a 60-day termination notice requirement for tenants who live in a property for longer than one year.

Be Aware of

* Assembly Bill 473, from Assemblymen Bob Blumenfield, D-Van Nuys, will require owners of properties with five or more units to arrange for mandatory recycling services.

* Assembly Bill 479, introduced by Assemblyman Wayne Chesbro, D-Arcata, will require local governments in large counties to adopt mandatory recycling laws for commercial properties.

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California as a whole currently diverts more than 50 percent of its generated waste, with only an estimated 15% of waste generated at multifamily dwellings being diverted.

While nearly 70 percent of Californians living in single family homes have access to curbside recycling, no more than 40 percent of those living in multifamily dwellings have access to a residential recycling opportunity-and many of those are unaware of it.

AB 473 will require that an owner of a multifamily dwelling to arrange appropriate recycling services for the dwelling on and after July 1, 2009. The bill is identical to two bills CAW sponsored in the previous legislative session, AB 548 and AB 822.

Comment by Californians Against Waste — January 13, 2010 #
Fifield also plans to buy real estate owned from banks, citing KeyCorp of Cleveland among the banking companies expected to be major sellers of multifamily assets.

The effort will be most active with high-rise and mid-rise properties in cities. It is also eyeing up garden-style properties in the suburbs of its target markets. Its geographic targets include Washington, D.C., as well as metro areas in Texas, Arizona, central and southern Florida and Southern California.

Fifield is mainly interested in properties of 300 to 400 units and deal sizes of about $20 million to $50 million. But he said some deals may be larger, noting that his firm last summer bid $81 million for the 480-unit Cityfront Place apartment complex in Chicago, which Northwestern Mutual Life Insurance Co. sold for $82 million to Crescent Heights Inc.

Comment by CRE News — January 21, 2010 #
“Классный пост”

Comment by SuperSportNews — February 17, 2010 #
Southland Life Insurance Co…

Oh, I almost forgot. I can really relate to what you are saying….

Trackback by Southland Life Insurance Co — April 18, 2010 #