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AB-2665 Housing finance: Mixed Income Revolving Loan Program.(2023-2024)



Current Version: 04/15/24 - Amended Assembly

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AB2665:v98#DOCUMENT

Amended  IN  Assembly  April 15, 2024

CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill
No. 2665

Introduced by Assembly Member Lee

February 14, 2024

An act to add Section 51105 to the Health and Safety Code, relating to housing.


LEGISLATIVE COUNSEL'S DIGEST


AB 2665, as amended, Lee. Housing finance: Mixed Income Revolving Loan Program.
Existing law establishes the California Housing Finance Agency within 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.
This bill would establish, upon appropriation by the Legislature, the Mixed Income Revolving Loan Program within the agency to provide zero-interest construction loans to qualifying residential, infill housing developers for the purpose purposes of constructing deed-restricted affordable housing. The bill would require the agency to formulate a program administer the program pursuant to specified requirements, including that any loans provided under the program be for the development of multifamily housing projects where a portion of the housing units in the project are set aside to ensure affordability, as specified. The bill would require the agency to be the administrator of the program and to promulgate rules and regulations deemed necessary for the administration and implementation of its provisions.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

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


SECTION 1.

 Section 51105 is added to the Health and Safety Code, to read:

51105.
 (a) The 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 the purpose purposes of constructing deed-restricted affordable housing.
(b) The agency shall formulate a program 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. The
(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. A developer
(3) Any entity seeking loan assistance under this section shall be required to have both of the following: comply with minimum affordability requirements as follows:

(1)

(A) At least 20 percent of the development of housing units to in the project to be funded shall be affordable housing for households earning 50 percent or less of the area median income income, as adjusted for household size.

(2)

(B) At least an additional 10 percent of the development of housing units to in the project to be funded shall be affordable to for households earning 80 percent or less of the area median income 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 be the administrator of the program and shall promulgate rules and regulations deemed necessary for the administration and implementation of the provisions of this section.
(d) The program shall be created established upon appropriation by the Legislature.