Existing law establishes the California Earthquake Authority, administered under the authority of the Insurance Commissioner and governed by a 3-member board, to transact insurance in this state as necessary to sell policies of basic residential earthquake insurance. Under existing law, the California Residential Mitigation Program, also known as the CRMP, is a joint powers authority created in 2012 by agreement between the California Earthquake Authority and the Office of Emergency Services.
Existing law establishes the Seismic Retrofitting Program for Soft Story Multifamily Housing for the purposes of providing financial assistance to owners of soft story multifamily housing for seismic retrofitting to protect individuals living in multifamily housing that have been determined to be at risk of collapse in earthquakes, as specified. Existing law also establishes the Seismic Retrofitting Program for Soft Story Multifamily Housing Fund, and its subsidiary account, the Seismic Retrofitting Account, within the State Treasury. Existing law provides that the Legislature will appropriate $250,000,000 from the General Fund in the 2023–24 Budget Act to the Seismic Retrofitting Program for Soft Story Multifamily Housing Fund for the purposes of carrying out the program. Existing law requires the CRMP to develop and administer the program, as specified. Existing law makes these provisions inoperative on July 1, 2042, and repeals them as of January 1, 2043.
This bill would, instead, state the intent of the Legislature to appropriate $250,000,000 from the General Fund to the CRMP for the purpose of implementing the Seismic Retrofitting Program for Soft Story Multifamily Housing.
This bill would declare that it is to take effect immediately as an urgency statute.

Statutes affected:
AB1505: 8590.16 GOV
02/17/23 - Introduced: 8590.16 GOV
05/18/23 - Amended Assembly: 8590.16 GOV
AB 1505: 8590.16 GOV