Would limit a regular assessment increase on the owner of an affordable housing unit to no more than 5% of the preceding fiscal year.
Current Status: Chaptered
FindHOALaw Quick Summary:
The Davis-Stirling Common Interest Development Act defines and regulates common interest developments, including the establishment and imposition of assessments. Existing law limits increases in regular assessments and the aggregate of special assessments that the board may impose in any fiscal year without the approval of a majority of a quorum of members.
This bill would amend Civil Code Section 5605 to prohibit the increase of a regular assessment on the owner of a deed-restricted affordable housing unit that is more than 5% greater than the preceding regular assessment for the association’s preceding fiscal year.
**AB 572 was signed in to law on October 11, 2023 and takes effect January 1, 2024.
from the California Legislature's website