Today's Law As Amended

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AB-298 Housing: home purchase assistance program: first responders: Legislative Analyst: study and report.(2019-2020)



SECTION 1.

 Chapter 6.6 (commencing with Section 51323) is added to Part 3 of Division 31 of the Health and Safety Code, to read:

CHAPTER  6.6. Home Purchase Assistance Program for First Responders
51323.
 (a) The Legislative Analyst shall conduct a study to inform the creation of a low-interest home loan program for first responders.
(b) The study shall include all of the following:
(1) A recommendation as to which state department is best suited to administer the program.
(2) An estimation of the amount of funding necessary to conduct the program.
(3) Recommendations as to how the loan program should be administered.
(4) Recommendations for qualifications for participation in the loan program.
(5) A recommendation for an appropriate low annual percentage rate.
(6) A recommendation for an appropriate home purchase price limit.
(c) The Legislative Analyst shall present the findings of the study in a report to the Legislature on or before January 1, 2024. The report shall be submitted pursuant to Section 9795 of the Government Code.
(d) (1) The requirement for submitting a report imposed under subdivision (c) is inoperative on January 1, 2028, pursuant to Section 10231.5 of the Government Code.
(2) A report to be submitted pursuant to subdivision (c) shall be submitted in compliance with Section 9795 of the Government Code.