AB 939: Housing development: density bonuses: affordability of for-sale units.

The bill aims to amend the existing density bonus law, which requires cities or counties to provide incentives to developers who propose housing developments. This law requires that for-sale units be sold to or occupied by low-income individuals or families. The bill would allow for an additional option, where for-sale units can be purchased by a nonprofit corporation for extremely low, very low, or lower-income families participating in a below-market interest rate loan program. This would ensure that these families have access to affordable housing options. The bill also imposes a state-mandated local program, requiring local agencies to implement the density bonus law. However, no reimbursement is required by the state for the costs associated with implementing this program.