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AB-2305 Housing Finance: Coordinated Housing Finance Committee.(2021-2022)



Current Version: 05/19/22 - Amended Assembly

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AB2305:v98#DOCUMENT

Amended  IN  Assembly  May 19, 2022

CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 2305

Introduced by Assembly Members Grayson, Bloom, Daly, Quirk-Silva, and Robert Rivas
(Coauthors: Assembly Members Seyarto, Villapudua, Gabriel, and Wicks)

February 16, 2022

An act to add Chapter 8.1 (commencing with Section 50300) to Part 1 of Division 31 of the Health and Safety Code, relating to housing.


LEGISLATIVE COUNSEL'S DIGEST


AB 2305, as amended, Grayson. Housing Finance: Coordinated Housing Finance Committee.
Existing law establishes the Business, Consumer Services, and Housing Agency in state government, consisting of, among other entities, the Department of Housing and Community Development (HCD). Existing law requires HCD to administer various programs intended to promote the development of housing, including the Multifamily Housing Program, pursuant to which HCD provides financial assistance in the form of deferred payment loans to pay for the eligible costs of development for specified activities. Existing law also establishes the California Housing Finance Agency (CalHFA) within HCD with the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law also establishes the California Tax Credit Allocation Committee (CTCAC), composed of specified members, and requires that CTCAC, among other things, allocate specified federal low-income housing tax credits, as provided.
Existing law establishes in state government the offices of the Treasurer and Controller.
This bill would establish the Coordinated Affordable Housing Finance Committee and would require that the committee be comprised of representatives from HCD, CalHFA, CTCAC, the Treasurer, and the Controller. This bill would require the committee to allocate state-controlled resources for the finance of affordable rental housing, as defined, through a single process and competition. This bill would require the committee to develop an application, threshold requirements, a rating and ranking system, as specified, for applicants seeking these resources. This bill would authorize the committee to adopt, amend, or repeal rules and regulations for the allocation of state-controlled resources for the finance of affordable rental housing that take effect immediately upon adoption. This bill would provide that the adoption, amendment, or repeal of these rules and regulations is not subject to the rulemaking provisions of the Administrative Procedure Act but would require the committee to follow specified procedures pursuant to the adoption of the rules and regulations. This bill would also authorize the committee to adopt, amend, or repeal emergency rules and regulations to implement this chapter that are exempt from the rulemaking provisions of the Administrative Procedures Act, as specified.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Chapter 8.1 (commencing with Section 50300) is added to Part 1 of Division 31 of the Health and Safety Code, to read:
CHAPTER  8.1. Coordinated Affordable Housing Finance Committee

50300.
 (a) There is hereby created the Coordinated Affordable Housing Finance Committee for the purpose of allocating state-controlled resources for the finance of affordable rental housing through a single process and competition such that an applicant can obtain all necessary state assistance at one time with a single application.
(b) (1) The committee members shall be:
(A) The Director of Housing and Community Development or their designee.
(B) The Executive Director of the California Housing Finance Agency or their designee.
(C) The Executive Director of the California Tax Credit Allocation Committee or their designee.
(D) The Treasurer or their designee.
(E) The Controller or their designee.
(2) The members of the committee shall select a committee chair on an annual basis.
(c) Notwithstanding any other law, by January 1, 2024, the committee shall develop a single application for applicants seeking state-controlled resources for the finance of affordable rental housing, threshold requirements, and a rating and ranking system for the allocation of those resources. The committee may establish set-asides for specific project types or projects that serve specific target populations. The committee shall ensure a reasonable geographic distribution of resources.
(d) The following terms have the following meanings:
(1) “Committee” means the Coordinated Affordable Housing Finance Committee.
(2) “State-controlled resources for the finance of affordable housing” shall include federal and state low-income housing tax credits, tax-exempt private activity bonds for qualified residential rental projects, grants, and deferred loans for affordable rental housing offered by the entities described in subdivision (b). State-controlled resources for the finance of affordable housing may also include grants or deferred loans for affordable rental housing administered by an entity not described in subdivision (b) subject to a memorandum of understanding between that entity and the committee. “State-controlled resources for the finance of affordable housing” shall not include short-term first lien mortgages or permanent amortizing mortgage programs administered by the California Housing Finance Agency.
(e) (1) The committee may adopt, amend, or repeal rules and regulations for the allocation of state-controlled resources for the finance of affordable housing. Subject to paragraph (2), the adoption, amendment, or repeal of rules and regulations authorized by this paragraph is hereby exempted from the rulemaking provisions of the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code).
(2) The committee shall provide a notice of proposed action as described in Section 11346.5 of the Government Code. The notice of proposed action shall be provided to the public at least 21 days before the close of the public comment period, and the committee shall schedule at least one public hearing as described in Section 11346.8 of the Government Code before the close of the public comment period. The committee shall maintain a rulemaking file as described in Section 11347.3 of the Government Code. The final version of the regulations shall be accompanied by a final statement of reasons as described in subdivision (a) of Section 11346.9 of the Government Code. These rules and regulations shall be effective immediately upon adoption by the committee.
(3) In addition to the rules and regulations authorized by paragraph (1), the committee may adopt, amend, and repeal emergency rules and regulations to implement this chapter. The adoption, amendment, or repeal of emergency rules and regulations is hereby exempted from the rulemaking provisions of the Administrative Procedure Act (Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code). The adoption, amendment, repeal, or readoption of a rule or regulation authorized by this paragraph is deemed to address an emergency, for purposes of Sections 11346.1 and 11349.6 of the Government Code, and the committee is hereby exempted for this purpose from the requirements of subdivision (b) of Section 11346.1 of the Government Code.