Maximize Your Property’s Potential: A Succinct Guide to SB 9 & SB 10 for Homeowners
Unlock the doors to new opportunities with this concise guidebook, demystifying the complexities of SB 9 and SB 10 for homeowners. Whether you’re pondering a lot split, exploring unit addition, or navigating California’s evolving housing market, this guidebook, presented by RHE Development, LLC, is your key to understanding and leveraging the opportunities available to your property.
Section 1: Unlocking Opportunities with SB 9
Overview: SB 9 enables homeowners to create additional housing units on their property, aiming to promote urban infill and increase housing density.
Key Insights:
- Lot Splitting: Subdivide lots into two parcels, each allowing up to two primary residences.
- Duplexes: Convert single-family lots into duplexes without a lot split.
- Affidavit Requirement: Homeowners must commit to residing on the property for at least three years.
Benefits and Challenges:
- Rental Opportunities: Generate rental income by creating additional units.
- Increased Property Value: Additional units can enhance property value.
- Local Ordinances: Be mindful of specific local regulations and neighborhood dynamics.
Section 2: Navigating Urban Zoning with SB 10
Overview: SB 10 facilitates the process for cities to upzone areas close to transit and job centers by allowing them to bypass the lengthy environmental review process.
Key Insights:
- Zoning Changes: Allows rezoning parcels for up to 10 units in specific areas without undergoing CEQA review.
- Local Control: Cities are not mandated to change zoning but are provided tools to do so.
- Affordable Housing: Cities can require up to 25% of units to be affordable.
Benefits and Challenges:
- Increased Housing Supply: Facilitates the creation of housing in areas where it’s most needed.
- Environmental Benefits: Promotes reduced car dependency and lower emissions.
- Community Concerns: Be mindful of concerns about congestion and parking.
Section 3: Implications and Financing for Homeowners
Overview: SB 9 and SB 10 bring opportunities and considerations for homeowners, aiming to ease the creation of multi-unit housing.
Key Implications:
- Property Value and Rental Income: Potential for increased property value and rental income.
- Financing Opportunities: Explore financing options like mortgage refinancing or home equity loans.
- Tax Implications: Consult with tax professionals to understand potential changes in property taxes.
Financing Your Ventures:
- Home Equity Loans: Leverage the equity in your home to finance development.
- Construction Loans: Obtain a short-term, interim loan for building new units.
- Refinancing: Explore refinancing options to fund your project.
Section 4: Quick FAQs for Homeowners
Explore answers to common questions about SB 9 and SB 10, from what they allow homeowners to do, to their impact on property taxes, and how local governments can interact with these bills.
Connect with RHE Development, LLC
Embark on your property development journey with RHE Development, LLC, your dedicated partner in navigating through the complexities of SB 9, SB 10, and beyond. Specializing in streamlining the permitting process, offering expert planning and design services, and utilizing a robust network for construction and financing, RHE is committed to transforming your property development aspirations into reality, ensuring a seamless, efficient, and financially viable project from start to finish.
For further inquiries, consultations with our California SB 9 specialists, or to explore how we can assist you in building the future together, please visit our website at www.rhedevelop.com or contact us directly. You can call our office at 888-853-3375, text us at (562) 244-8784, or email us at [email protected].