California Assembly Bill AB984 Introduced / Bill

 BILL NUMBER: AB 984INTRODUCED BILL TEXT INTRODUCED BY Assembly Members Chau and Gordon FEBRUARY 22, 2013 An act to amend Sections 50901, 50902, and 51502 of the Health and Safety Code, relating to the California Housing Finance Agency. LEGISLATIVE COUNSEL'S DIGEST AB 984, as introduced, Chau. The California Finance Agency. Existing law provides that there is the California Housing Finance Agency in the Department of Housing and Community Development administered by an 11-member board of directors that includes various state officers and 6 members appointed by the Governor. This bill would add the Secretary of Veterans Affairs to the board. The bill would also increase the number of members appointed by the Governor to 7 and require that at least one member appointed by the Governor have specific knowledge of housing finance agencies, single-family mortgage lending, bonds and related financial instruments, interest rate swaps, and risk management. Existing law, the California Homebuyer's Assistance Program, requires the agency to administer a downpayment assistance program, as specified. This bill would make a technical, nonsubstantive change to those provisions. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 50901 of the Health and Safety Code, as amended by Section 21 of Chapter 147 of the Statutes of 2012, is amended to read: 50901. The agency shall be administered by a board of directors consisting of  11   13  voting members, including a chairperson selected by the Governor from among his or her appointees. The Treasurer, the Secretary of Business, Consumer Services, and Housing,  and  the Director of Housing and Community Development,  and the Secretary of Veterans Affairs,  or their designees, shall be members, in addition to  six   seven  members appointed by the Governor, one member appointed by the Speaker of the Assembly, and one member appointed by the Senate Committee on Rules. The Director of Finance, the Director of Planning and Research, and the executive director of the agency shall serve as nonvoting ex officio members of the board. SEC. 2. Section 50902 of the Health and Safety Code is amended to read: 50902. (a) Appointed members of the board shall be able persons broadly reflective of the economic, cultural, and social diversity of the state, including ethnic minorities and women. However, it is not intended that formulas or specific ratios be applied in order to achieve that diversity. (b) The Governor shall select four of his or her  six   seven  appointees from among the following categories: (1) an elected official of a city or county engaged in the planning or implementation of a housing, housing-assistance, or housing-rehabilitation program; (2) a person experienced in residential real estate in the savings and loan, mortgage banking, or commercial banking industry; (3) a person experienced as a builder of residential housing; (4) a person experienced in organized labor in the residential construction industry; (5) a person experienced in the management of rental or cooperative housing occupied by lower income households; (6) a person experienced in manufactured housing finance and development; and (7) a person representing the public. Not more than one person from each category may serve on the board at any one time, except that two members may be appointed by the Governor to represent the public. (c) The Governor shall also appoint two members who are residents of rental or cooperative housing financed by the agency or who are persons experienced in counseling, assisting, or representing tenants. (d) At least one of the members appointed by the Governor shall be a resident of a rural or nonmetropolitan area.  (e) At least one of the members appointed by the Governor shall have specific knowledge of housing finance agencies, single-family mortgage lending, bonds and related financial instruments, interest rate swaps, and risk management.   (e)   (f)    The Senate  Rules  Committee  on Rules  and the Speaker of the Assembly shall each appoint a person representing the public. The term of members of the board shall be six years. Any person appointed to fill a vacancy on the board shall serve only for the remainder of the unexpired term. Members of the board shall, subject to continued qualification, be eligible for reappointment. If a member of the board ceases to meet the qualifications specified in this section, the membership of that person on the board shall be terminated. SEC. 3. Section 51502 of the Health and Safety Code is amended to read: 51502. The purpose of the California Homebuyer's Downpayment Assistance Program is to assist first-time low- and moderate-income homebuyers  utilizing   using  existing mortgage financing.