senate bill 2
Fund Document Recording Fee
With keen awareness of California’s shortage of affordable housing, the legislature passed more than 20 bills related to housing in this year’s session.
Chief among these laws is Senate Bill 2.
This law provides a permanent source of funding for affordable housing by imposing a flat $75 per document recording fee on every real estate instrument that is NOT part of a sales transaction. In this way, SB 2 is written to ensure that the fee will not burden home purchase transactions.
The fee will be capped at $225 per transaction and coordinated with other revenue sources.
C.A.R. supported SB 2 which dedicates 20% of the funds generated to affordable workforce housing and 70% of revenues to local governments for housing.