Bill Text

Bill Information

SHARE THIS:share this bill in Facebookshare this bill in Twitter
Date Published: 01/28/2019 09:00 PM
AB298:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill No. 298


Introduced by Assembly Members Mathis, Cooper, Flora, and Rodriguez
(Coauthors: Assembly Members Bauer-Kahan, Bigelow, Bloom, Burke, Chen, Choi, Cunningham, Dahle, Daly, Frazier, Gabriel, Gallagher, Grayson, Kamlager-Dove, Low, Mayes, McCarty, Medina, Nazarian, Obernolte, Quirk, Quirk-Silva, Robert Rivas, Blanca Rubio, Voepel, Waldron, and Wood)

January 28, 2019


An act to add Chapter 6.6 (commencing with Section 51323) to Part 3 of Division 31 of the Health and Safety Code, relating to housing.


LEGISLATIVE COUNSEL'S DIGEST


AB 298, as introduced, Mathis. Housing: home purchase assistance program: first responders: Legislative Analyst: study and report.
Existing law establishes within the Department of Housing and Community Development the California Housing Finance Agency and provides that the primary purpose of the agency is to meet the housing needs of persons and families of low or moderate income. Existing law requires the California Housing Finance Agency administer the Roberti-Greene Home Purchase Assistance Program, to provide home purchase assistance to low- and moderate-income homebuyers to qualify for the purchase of owner-occupied homes. Existing law authorizes the agency, pursuant to specified objectives, to create its own home purchase assistance programs, home purchase assistance products, or both, on terms and conditions as the agency deems prudent. Existing law requires the agency to provide to the Legislature and the Legislative Analyst an annual report containing information concerning all units produced, assisted, or insured using agency funds.
This bill would require the Legislative Analyst to conduct a study, and present the findings thereof to the Legislature, to inform the creation of a low-interest loan program for first responders. The bill would require the report to be submitted on or before January 1, 2024. The bill would require the report to include a recommendation as to which state department is best suited to administer the program, an estimation of the amount of funding that would be necessary to conduct the program, and recommendations for qualifications for participation in the program.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


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.