Surplus nonresidential property.

Existing law declares the intent of the Legislature to preserve, upgrade, and expand the supply of housing to persons and families of low or moderate income, through the sale of specified surplus residential property owned by public agencies. Existing law establishes priorities and procedures that any state agency disposing of that surplus residential property is required to follow, and defines relevant terms for these purposes, including "fair market value." Existing law defines "fair market value" as the fair market value as of the date the offer of sale is made by the selling agency and to reflect the existing "as is" condition of the property, taking into account any needed repairs, as specified. Existing law requires tenants in good standing who legally occupy nonresidential properties to be given priority to purchase the property at fair market value. This bill would require that fair market value be determined relative to current use of the property if the tenant that has priority to purchase the nonresidential property is a nonprofit organization.