Existing law establishes the California Housing Finance Agency in the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. Existing law requires the agency to administer a home purchase assistance program for the purpose of assisting low- and moderate-income home buyers to qualify for the purchase of owner-occupied homes, as specified. Existing law establishes the Home Purchase Assistance Fund, which is continuously appropriated for expenditure pursuant to the program and defraying the administrative costs for the agency. Existing law requires, on and after July 1, 2016, unobligated amounts remaining in any fund established for specified purposes to be transferred to the fund for expenditure by the agency for the purposes of the program.

This bill would state the intent of the Legislature to enact legislation that would reserve a portion of the moneys in the program for descendants of slaves.