Today's Law As Amended

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SB-912 California Housing Finance Agency: management compensation.(2017-2018)

As Amends the Law Today
As Amends the Law on Nov 08, 2018


 Section 50909 of the Health and Safety Code is amended to read:

 (a) Notwithstanding Sections 19816 and 19825 of the Government Code, the compensation of key exempt management, including the executive director, the chief deputy director, the general counsel, the director of financing, the director of homeownership programs, the director of multifamily programs, the director of enterprise risk management and compliance, and the risk manager, shall be established by the board in the agency’s annual budget, in amounts which are reasonably necessary, in the discretion of the board, to attract and hold a person of superior qualifications.
(b) (1)  To determine the compensation for the positions described in this section, the board shall cause to be conducted, through the use of independent outside advisors, salary surveys of both of the following:
(A) Other state and local housing finance agencies that are most comparable to CalHFA.
(B) Other relevant labor pools.
(2) The salaries so set by the board shall not exceed the highest comparable salary for a position of that type, as determined by the survey.
(c) The Department of Human Resources shall review the methodology used in these salary surveys.
(d) Members of the board shall not receive a salary but shall be entitled to a per diem allowance of one hundred dollars ($100) for each day’s attendance at a meeting of the board or a meeting of a committee of the board, not to exceed three hundred dollars ($300) in any month, and reimbursement for expenses incurred in the performance of their duties under this part, including travel and other necessary expenses.