Land use: notice of proposed change: assisted housing developments.

The Planning and Zoning Law requires an owner of an assisted housing development, as defined, to provide specified entities notice of an opportunity to submit an offer to purchase the development, containing specified information, prior to the termination of a subsidy contract applicable to, the prepayment of a mortgage on, the expiration of rental restrictions applicable to, or, under specified circumstances, the sale or disposition of, the development. That law authorizes these requirements to be enforced either in law or in equity by specified entities. This bill would additionally authorize any affected public entity, as defined, or any affected tenant, as defined, to enforce these requirements either in law or in equity. The Planning and Zoning Law requires an owner selling, leasing, or otherwise disposing of an assisted housing development, prior to the close of escrow, to certify that the owner has complied with specified provisions of that law. That law also requires this certification to be recorded, to contain a legal description of the property, and to be indexed, as specified, and authorizes the certification to be relied upon by good faith purchasers and encumbrances for value, as specified. This bill would prohibit a specified provision of that law from affecting the rights of a purchaser or encumbrancer for value who acts in good faith and without notice of a failure to comply with specified provisions of that law, regardless of whether the certification has been recorded.