Today's Law As Amended


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AB-224 California Housing Finance Agency: financing agreements: affordable rental housing for school employees.(2017-2018)



As Amends the Law Today


SECTION 1.

 Chapter 12 (commencing with Section 51515) is added to Part 3 of Division 31 of the Health and Safety Code, to read:

CHAPTER  12. Housing for School District Employees and Teachers
51515.
 For purposes of this chapter:
(a) “Affordable rental housing” means housing that serves persons and families of low or moderate income.
(b) “Qualified developer” means a developer that has partnered with a school district to create affordable rental housing for school district employees.
(c) “School district employees” includes teachers.
51516.
 (a) The agency may enter into long-term financing agreements with school districts and qualified developers for the creation of affordable rental housing for school district employees.
(b) Payment on a loan provided pursuant to this chapter shall be deferred until the affordable rental housing that is financed by that loan is put into service and the school district begins collecting rent from the occupants of that affordable rental housing.
51517.
 Notwithstanding Section 51000, moneys shall be available for purposes of this chapter only upon appropriation by the Legislature.