(a) The Legislature finds and declares that there exists the California Residential Mitigation Program, also known as the CRMP, a joint powers authority created in 2012 by agreement between the California Earthquake Authority and the Office of Emergency Services.
(b) The Seismic Retrofitting Program for Soft Story Multifamily Housing is hereby established, to be developed and administered as provided in this article, 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.
(c) The Seismic Retrofitting Program for Soft Story Multifamily Housing Fund, and its subsidiary account, the Seismic Retrofitting Account, are hereby created within the State Treasury. The Legislature shall appropriate two hundred fifty million dollars ($250,000,000) from the General Fund in the 2023–24 Budget Act to the fund for the purposes of carrying out this article.
(d) Funds appropriated for purposes of the program shall be available for a 10-year performance period. The performance period may be extended by the CRMP on an annual basis until July 1, 2042.