51105.
(a) Subject to subdivision (d), the Mixed Income Revolving Loan Program is hereby established in the California Housing Finance Agency to provide zero-interest construction loans to qualifying residential, infill housing developers for purposes of constructing deed-restricted affordable housing.(b) The agency shall administer the program in a manner consistent with the following:
(1) Any loans provided under the program shall be for the development of multifamily housing projects where a portion of the housing units in the project are set aside to ensure affordability.
(2) The program shall solicit applications from private developers, nonprofit developers, public housing authorities, and other public agencies for the construction and ownership of housing units.
(3) Any entity seeking loan assistance under this section shall be required to comply with minimum affordability requirements as follows:
(A) At least 20 percent of the housing units in the project to be funded shall be affordable for households earning 50 percent or less of the area median income, as adjusted for household size.
(B) At least an additional 10 percent of the housing units in the project to be funded shall be affordable for households earning 80 percent or less of the area median income, as adjusted for household size.
(C) The units described in subparagraphs (A) and (B) shall be subject to a recorded affordability restriction for at least 55 years.
(c) The agency shall promulgate rules and regulations deemed necessary for the administration and implementation of the provisions of this section.
(d) The program shall be established upon appropriation by the Legislature.