Start Date: 8/9/2022 6:30 PM PDT
End Date: 8/9/2022 8:30 PM PDT
Senate Bill 9 (SB 9, known as the HOME Act, is a significant piece of legislation that will impact residential zoning and redevelopment statewide. There are two parts of the bill that affects residential real estate:
1. The law allows for the development of two units on what is zoned for one-unit residential; or alternatively
2. The law allows for the one-unit residential lots to be split, with the possibility of developing up to two units on each of the newly split parcels
It is critical for appraisers to understand the requirements and approval process under this new legislation to properly summarize a property’s zoning description (a legal characteristic under reporting requirements) and to ensure the highest and best use analysis is appropriately developed and credible, and is consistent with our client’s expectations and our scope of work requirements.
This course will present and discuss the following:
- Review the text of the new regulation
- Review under what circumstances the regulation can apply and what properties are excluded from SB 9 development
- Discuss the two tracks of potential development:
- SB 9 allows the development of a 2nd home on an existing lot under certain conditions. This 2nd home is not an ADU or JADU; the property effectively becomes a duplex
- SB 9 allows the subdivision of an existing lot into two new parcels.
- Depending on which track is feasible will also determine such things as owner-occupancy requirements and rental requirements
- Discuss the importance of identifying how SB 9 might affect the subject in the zoning description
- Discuss how to incorporate SB 9 into the H&BU analysis (H&BU cannot be addressed by simply checking a box!)
- Review some of the challenges that may be present when a property has SB 9 development potential
- Review the appraisal process to complete a residential construction loan
And the end of the course, the attendees will have the knowledge and ability to evaluate SB 9 development potential to determine an assignment’s complexity and will know how to address the reporting requirements for most typical residential mortgage assignments.
This class is approved for 2-Hours of continuing education (CE) in CA only (BREA Approval 22CP986603120) and is approved for virtual learning by BREA. You must attend 90% to receive continuing education credit. To receive CE credit, BREA requires that attendees provide photographic evidence of taking the class confirming their identification. You will need to connect to the class by video, either from a PC or cell phone. During class, you will be required to respond to questions periodically in Zoom. These steps are required to meet the emergency BREA guidelines granting continuing education credit. You are welcome to attend the class and not receive CE.
Cost is $30 for members/$60 for non-members. Cancellation fees may apply.
About the Instructor: Denis A. DeSaix, MAI, SRA
Denis DeSaix has over 28 years of appraisal experience. Valuation services include commercial and residential property appraisals, consulting, and expert witness services. Denis is a contract commercial and residential reviewer for several community banks, and he holds the MAI and SRA designations awarded by the Appraisal Institute. He was the 2019 Chapter President of the Northern California Chapter of the Appraisal Institute and a past President of the East Bay Chapter of the Real Estate Appraiser Association. He has been published in Appraisal Today magazine and quoted by the San Francisco Chronicle and Valuation
Magazine. His most recent courses have been focused on the impact of residential rent control and the valuation of Accessory Dwelling Units, where he has spoken at national events on that topic. He co-authored a study funded by PG&E and sponsored by Build It Green on the value impact of green-certified homes and the valuation challenges such properties present. Denis develops and teaches appraisal continuing education classes and is proud to have served as a United States Marine.