AB 797: Community Stabilization Act: Counties of Los Angeles and Ventura.

The bill aims to help stabilize property values in disaster-affected areas by allowing qualified investors to purchase tradable securities, which will be funded by investments made by these investors using funds available pursuant to the federal community reinvestment act of 1977. The funds raised will be deposited into a community stabilization fund, which will be continuously appropriated to the i-bank. The i-bank will allocate these funds to qualifying investment entities to invest in the counties of Los Angeles and Ventura and in areas covered by a state of disaster declared by the governor. The bill also establishes requirements for the security, including its tradeability and compliance with municipal bonding requirements.