On Sept. 29, 2017, California Gov. Jerry Brown signed Senate Bill 2, the Building Homes and Jobs Act, authored by Senator Toni Atkins (D-San Diego).

The act creates a new source of funding for affordable homes by charging a $75 fee for recording certain types of real estate documents. It is estimated that the new fee will generate $250 million each year.

The act, which became effective immediately, is part of a comprehensive package of legislation that aims to address California’s housing dilemma by imposing a new duty on counties to send quarterly revenues from this fee, after deduction of administrative costs, to the state controller for deposit in the Building Homes and Jobs Fund, created within the State Treasury.

Source: Mortgage Daily