Assembly Bill 2818 (AB 2818) was passed out of legislature on August 25, by unanimous vote, and assures that homebuyers of community land trust homes will receive equitable taxation. Community Land Trust homes are permanently deed restricted and resale controlled so that they remain affordable to current and future generations of low and moderate income California homebuyers. We already have one Community Land Trust-owned affordable cohousing community in Oakland, and potential for more with passage of this bill.
AB 2818 requires that assessors consider the affordable housing restrictions embedded in the Community Land Trust 99-year ground leases when valuing property. This will allow homebuyers of community land trust homes to receive property taxes based on the permanent and affordable resale restrictions placed on these properties instead of the unrestricted market value of the homes. This is critical to making affordable homeownership opportunities a reality for low and moderate income California families.