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| 1 | + | CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2665Introduced by Assembly Member LeeFebruary 14, 2024 An act to add Section 51105 to the Health and Safety Code, relating to housing. LEGISLATIVE COUNSEL'S DIGESTAB 2665, as introduced, 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 zero-interest construction loans to qualifying residential, infill housing developers for the purpose of constructing deed-restricted affordable housing. The bill would require the agency to formulate a program for the development of multifamily housing projects where a portion of the housing units 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.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe 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 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
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| 3 | + | CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2665Introduced by Assembly Member LeeFebruary 14, 2024 An act to add Section 51105 to the Health and Safety Code, relating to housing. LEGISLATIVE COUNSEL'S DIGESTAB 2665, as introduced, 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 zero-interest construction loans to qualifying residential, infill housing developers for the purpose of constructing deed-restricted affordable housing. The bill would require the agency to formulate a program for the development of multifamily housing projects where a portion of the housing units 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.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO | |
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| 5 | - | Amended IN Assembly April 15, 2024 | |
| 6 | 5 | ||
| 7 | - | Amended IN Assembly April 15, 2024 | |
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| 7 | + | ||
| 8 | 8 | ||
| 9 | 9 | CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION | |
| 10 | 10 | ||
| 11 | 11 | Assembly Bill | |
| 12 | 12 | ||
| 13 | 13 | No. 2665 | |
| 14 | 14 | ||
| 15 | 15 | Introduced by Assembly Member LeeFebruary 14, 2024 | |
| 16 | 16 | ||
| 17 | 17 | Introduced by Assembly Member Lee | |
| 18 | 18 | February 14, 2024 | |
| 19 | 19 | ||
| 20 | 20 | An act to add Section 51105 to the Health and Safety Code, relating to housing. | |
| 21 | 21 | ||
| 22 | 22 | LEGISLATIVE COUNSEL'S DIGEST | |
| 23 | 23 | ||
| 24 | 24 | ## LEGISLATIVE COUNSEL'S DIGEST | |
| 25 | 25 | ||
| 26 | - | AB 2665, as | |
| 26 | + | AB 2665, as introduced, Lee. Housing finance: Mixed Income Revolving Loan Program. | |
| 27 | 27 | ||
| 28 | - | 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 | |
| 28 | + | 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 zero-interest construction loans to qualifying residential, infill housing developers for the purpose of constructing deed-restricted affordable housing. The bill would require the agency to formulate a program for the development of multifamily housing projects where a portion of the housing units 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. | |
| 29 | 29 | ||
| 30 | 30 | 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. | |
| 31 | 31 | ||
| 32 | - | This bill would establish, upon appropriation by the Legislature, the Mixed Income Revolving Loan Program within the agency to | |
| 32 | + | This bill would establish, upon appropriation by the Legislature, the Mixed Income Revolving Loan Program within the agency to zero-interest construction loans to qualifying residential, infill housing developers for the purpose of constructing deed-restricted affordable housing. The bill would require the agency to formulate a program for the development of multifamily housing projects where a portion of the housing units 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. | |
| 33 | 33 | ||
| 34 | 34 | ## Digest Key | |
| 35 | 35 | ||
| 36 | 36 | ## Bill Text | |
| 37 | 37 | ||
| 38 | - | 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) | |
| 38 | + | 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 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
| 39 | 39 | ||
| 40 | 40 | The people of the State of California do enact as follows: | |
| 41 | 41 | ||
| 42 | 42 | ## The people of the State of California do enact as follows: | |
| 43 | 43 | ||
| 44 | - | SECTION 1. Section 51105 is added to the Health and Safety Code, to read:51105. (a) | |
| 44 | + | SECTION 1. Section 51105 is added to the Health and Safety Code, to read:51105. (a) 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
| 45 | 45 | ||
| 46 | 46 | SECTION 1. Section 51105 is added to the Health and Safety Code, to read: | |
| 47 | 47 | ||
| 48 | 48 | ### SECTION 1. | |
| 49 | 49 | ||
| 50 | - | 51105. (a) | |
| 50 | + | 51105. (a) 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
| 51 | 51 | ||
| 52 | - | 51105. (a) | |
| 52 | + | 51105. (a) 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
| 53 | 53 | ||
| 54 | - | 51105. (a) | |
| 54 | + | 51105. (a) 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 of constructing deed-restricted affordable housing.(b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following:(1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size.(2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size.(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 upon appropriation by the Legislature. | |
| 55 | 55 | ||
| 56 | 56 | ||
| 57 | 57 | ||
| 58 | - | 51105. (a) | |
| 58 | + | 51105. (a) 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 of constructing deed-restricted affordable housing. | |
| 59 | 59 | ||
| 60 | - | (b) The agency shall formulate a program | |
| 60 | + | (b) The agency shall formulate a program for the development of multifamily housing projects where a portion of the housing units are set aside to ensure affordability. 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 seeking assistance under this section shall be required to have both of the following: | |
| 61 | 61 | ||
| 62 | - | (1) | |
| 62 | + | (1) At least 20 percent of the development of housing units to be affordable housing for households earning 50 percent or less of the area median income adjusted for household size. | |
| 63 | 63 | ||
| 64 | - | (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 | |
| 65 | - | ||
| 66 | - | (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: | |
| 67 | - | ||
| 68 | - | (1) | |
| 69 | - | ||
| 70 | - | ||
| 71 | - | ||
| 72 | - | (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. | |
| 73 | - | ||
| 74 | - | (2) | |
| 75 | - | ||
| 76 | - | ||
| 77 | - | ||
| 78 | - | (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. | |
| 79 | - | ||
| 80 | - | (C) The units described in subparagraphs (A) and (B) shall be subject to a recorded affordability restriction for at least 55 years. | |
| 64 | + | (2) At least an additional 10 percent of the development of housing units to be affordable to households earning 80 percent or less of the area median income adjusted for household size. | |
| 81 | 65 | ||
| 82 | 66 | (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. | |
| 83 | 67 | ||
| 84 | - | (d) The program shall be created | |
| 68 | + | (d) The program shall be created upon appropriation by the Legislature. |