CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION Assembly Constitutional Amendment No. 3Introduced by Assembly Member Haney(Principal coauthor: Assembly Member Gipson)(Coauthors: Assembly Members Ahrens, Alanis, Arambula, Bonta, Davies, Garcia, Mark Gonzlez, Jackson, Kalra, Krell, Lee, Ortega, Schultz, Sharp-Collins, Solache, and Wallis)(Coauthor: Senator Durazo)January 16, 2025 A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 9.1 to Article IX thereof, relating to the University of California. LEGISLATIVE COUNSEL'S DIGESTACA 3, as introduced, Haney. University of California: home down payment loans for support staff.The California Constitution provides that the University of California constitutes a public trust, and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. These provisions grant the regents all the powers necessary or convenient for the effective administration of its trust.This measure would require, on or before January 1, 2027, the regents to extend a portion of the homeownership assistance provided to senior executives and University of California faculty in the Academic Senate to eligible support staff, defined as career employees who have worked for the university for at least 5 years, are first-time homebuyers, and are not supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate, for the purpose of providing down payment loans, as specified. The measure would require, beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff to equal the total number of all housing loans made to senior executives and University of California faculty in the Academic Senate during the 202324 fiscal year, and for each fiscal year thereafter, the total number of down payment loans for eligible support staff to equal the total number of housing loans made to senior executives and University of California faculty in the Academic Senate in the preceding fiscal year, except as provided. The measure would require 75% of the down payment loans provided to eligible support staff to be made available to staff whose household incomes are at or below the area median income, as defined. The measure would authorize the Legislature to enact laws or delegate to an appropriate body or agency the power to implement these provisions, as provided.The measure would provide that its provisions are severable.Digest Key Vote: 2/3 Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextWHEREAS, The Regents of the University of California have a successful, long-established homeownership loan program that is available for University of California executives and faculty; andWHEREAS, The program generates revenue for the University of California and does not require any state General Fund money nor have any impact on student tuition; now, therefore, be itResolved by the Assembly, the Senate concurring, That the Legislature of the State of California at its 202526 Regular Session commencing on the second day of December 2024, two-thirds of the membership of each house concurring, hereby proposes to the people of the State of California, that the Constitution of the State be amended as follows:First This measure shall be known, and may be cited, as the University of California First-Time Homebuyer Down Payment Loans for Support Staff.Second That Section 9.1 is added to Article IX thereof, to read:SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:(1) Establish priorities and procedures consistent with the purposes of this section.(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.(f) For purposes of this section, the following definitions apply:(1) Area median income means the median family income of a geographic area of the state.(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.(4) Faculty means University of California faculty in the Academic Senate.(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.(7) Senior executives means those executives and senior managers in the University of Californias senior management group.(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.Third (a) The provisions of this measure are severable. If any portion, section, subdivision, paragraph, clause, sentence, phrase, word, or application of this measure is for any reason held to be invalid by a decision of any court of competent jurisdiction, that decision shall not affect the validity of the remaining portions of this measure. The Legislature hereby declares that it would have proposed, and the voters hereby declare that they would have adopted, this measure and every portion, section, subdivision, paragraph, clause, sentence, phrase, word, and application not declared invalid or unconstitutional without regard to whether any portion of this measure or application of this measure would be subsequently declared invalid.(b) If this measure and another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees appear on the same statewide election ballot, the provisions of the other measure or measures shall not be deemed to be in conflict with this measure, and if approved by the voters, this measure shall take effect notwithstanding approval by the voters of another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees by a greater number of affirmative votes.(c) If this measure is approved by the voters but superseded by law by any other conflicting ballot measure approved by the voters at the same election, and the conflicting measure is later held invalid, this measure shall be self-executing and given the full force of law.(d) This measure shall be liberally construed, interpreted, and implemented in order to achieve the purposes set forth in this measure.
CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION Assembly Constitutional Amendment No. 3Introduced by Assembly Member Haney(Principal coauthor: Assembly Member Gipson)(Coauthors: Assembly Members Ahrens, Alanis, Arambula, Bonta, Davies, Garcia, Mark Gonzlez, Jackson, Kalra, Krell, Lee, Ortega, Schultz, Sharp-Collins, Solache, and Wallis)(Coauthor: Senator Durazo)January 16, 2025 A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 9.1 to Article IX thereof, relating to the University of California. LEGISLATIVE COUNSEL'S DIGESTACA 3, as introduced, Haney. University of California: home down payment loans for support staff.The California Constitution provides that the University of California constitutes a public trust, and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. These provisions grant the regents all the powers necessary or convenient for the effective administration of its trust.This measure would require, on or before January 1, 2027, the regents to extend a portion of the homeownership assistance provided to senior executives and University of California faculty in the Academic Senate to eligible support staff, defined as career employees who have worked for the university for at least 5 years, are first-time homebuyers, and are not supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate, for the purpose of providing down payment loans, as specified. The measure would require, beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff to equal the total number of all housing loans made to senior executives and University of California faculty in the Academic Senate during the 202324 fiscal year, and for each fiscal year thereafter, the total number of down payment loans for eligible support staff to equal the total number of housing loans made to senior executives and University of California faculty in the Academic Senate in the preceding fiscal year, except as provided. The measure would require 75% of the down payment loans provided to eligible support staff to be made available to staff whose household incomes are at or below the area median income, as defined. The measure would authorize the Legislature to enact laws or delegate to an appropriate body or agency the power to implement these provisions, as provided.The measure would provide that its provisions are severable.Digest Key Vote: 2/3 Appropriation: NO Fiscal Committee: YES Local Program: NO
CALIFORNIA LEGISLATURE 20252026 REGULAR SESSION
Assembly Constitutional Amendment
No. 3
Introduced by Assembly Member Haney(Principal coauthor: Assembly Member Gipson)(Coauthors: Assembly Members Ahrens, Alanis, Arambula, Bonta, Davies, Garcia, Mark Gonzlez, Jackson, Kalra, Krell, Lee, Ortega, Schultz, Sharp-Collins, Solache, and Wallis)(Coauthor: Senator Durazo)January 16, 2025
Introduced by Assembly Member Haney(Principal coauthor: Assembly Member Gipson)(Coauthors: Assembly Members Ahrens, Alanis, Arambula, Bonta, Davies, Garcia, Mark Gonzlez, Jackson, Kalra, Krell, Lee, Ortega, Schultz, Sharp-Collins, Solache, and Wallis)(Coauthor: Senator Durazo)
January 16, 2025
A resolution to propose to the people of the State of California an amendment to the Constitution of the State, by adding Section 9.1 to Article IX thereof, relating to the University of California.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
ACA 3, as introduced, Haney. University of California: home down payment loans for support staff.
The California Constitution provides that the University of California constitutes a public trust, and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. These provisions grant the regents all the powers necessary or convenient for the effective administration of its trust.This measure would require, on or before January 1, 2027, the regents to extend a portion of the homeownership assistance provided to senior executives and University of California faculty in the Academic Senate to eligible support staff, defined as career employees who have worked for the university for at least 5 years, are first-time homebuyers, and are not supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate, for the purpose of providing down payment loans, as specified. The measure would require, beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff to equal the total number of all housing loans made to senior executives and University of California faculty in the Academic Senate during the 202324 fiscal year, and for each fiscal year thereafter, the total number of down payment loans for eligible support staff to equal the total number of housing loans made to senior executives and University of California faculty in the Academic Senate in the preceding fiscal year, except as provided. The measure would require 75% of the down payment loans provided to eligible support staff to be made available to staff whose household incomes are at or below the area median income, as defined. The measure would authorize the Legislature to enact laws or delegate to an appropriate body or agency the power to implement these provisions, as provided.The measure would provide that its provisions are severable.
The California Constitution provides that the University of California constitutes a public trust, and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. These provisions grant the regents all the powers necessary or convenient for the effective administration of its trust.
This measure would require, on or before January 1, 2027, the regents to extend a portion of the homeownership assistance provided to senior executives and University of California faculty in the Academic Senate to eligible support staff, defined as career employees who have worked for the university for at least 5 years, are first-time homebuyers, and are not supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate, for the purpose of providing down payment loans, as specified. The measure would require, beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff to equal the total number of all housing loans made to senior executives and University of California faculty in the Academic Senate during the 202324 fiscal year, and for each fiscal year thereafter, the total number of down payment loans for eligible support staff to equal the total number of housing loans made to senior executives and University of California faculty in the Academic Senate in the preceding fiscal year, except as provided. The measure would require 75% of the down payment loans provided to eligible support staff to be made available to staff whose household incomes are at or below the area median income, as defined. The measure would authorize the Legislature to enact laws or delegate to an appropriate body or agency the power to implement these provisions, as provided.
The measure would provide that its provisions are severable.
## Digest Key
## Bill Text
WHEREAS, The Regents of the University of California have a successful, long-established homeownership loan program that is available for University of California executives and faculty; and
WHEREAS, The program generates revenue for the University of California and does not require any state General Fund money nor have any impact on student tuition; now, therefore, be it
Resolved by the Assembly, the Senate concurring, That the Legislature of the State of California at its 202526 Regular Session commencing on the second day of December 2024, two-thirds of the membership of each house concurring, hereby proposes to the people of the State of California, that the Constitution of the State be amended as follows:
First This measure shall be known, and may be cited, as the University of California First-Time Homebuyer Down Payment Loans for Support Staff.
First This measure shall be known, and may be cited, as the University of California First-Time Homebuyer Down Payment Loans for Support Staff.
First This measure shall be known, and may be cited, as the University of California First-Time Homebuyer Down Payment Loans for Support Staff.
### First
Second That Section 9.1 is added to Article IX thereof, to read:SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:(1) Establish priorities and procedures consistent with the purposes of this section.(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.(f) For purposes of this section, the following definitions apply:(1) Area median income means the median family income of a geographic area of the state.(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.(4) Faculty means University of California faculty in the Academic Senate.(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.(7) Senior executives means those executives and senior managers in the University of Californias senior management group.(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.
Second That Section 9.1 is added to Article IX thereof, to read:
### Second
SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:(1) Establish priorities and procedures consistent with the purposes of this section.(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.(f) For purposes of this section, the following definitions apply:(1) Area median income means the median family income of a geographic area of the state.(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.(4) Faculty means University of California faculty in the Academic Senate.(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.(7) Senior executives means those executives and senior managers in the University of Californias senior management group.(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.
SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:(1) Establish priorities and procedures consistent with the purposes of this section.(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.(f) For purposes of this section, the following definitions apply:(1) Area median income means the median family income of a geographic area of the state.(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.(4) Faculty means University of California faculty in the Academic Senate.(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.(7) Senior executives means those executives and senior managers in the University of Californias senior management group.(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.
SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:(1) Establish priorities and procedures consistent with the purposes of this section.(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.(f) For purposes of this section, the following definitions apply:(1) Area median income means the median family income of a geographic area of the state.(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.(4) Faculty means University of California faculty in the Academic Senate.(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.(7) Senior executives means those executives and senior managers in the University of Californias senior management group.(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.
SEC. 9.1. (a) Notwithstanding any other provision of this Constitution, on or before January 1, 2027, the regents shall extend a portion of the homeownership assistance provided to University of California senior executives and faculty to eligible support staff for the purpose of providing down payment loans. This extension shall not increase student tuition or impact the states General Fund.
(b) Beginning in the 202728 fiscal year, the total number of down payment loans the regents provide to eligible support staff shall equal the total number of housing loans made to senior executives and faculty during the 202324 fiscal year. For each fiscal year thereafter, the total number of down payment loans for eligible support staff shall equal the total number of all housing loans made to senior executives and faculty in the preceding fiscal year, but no fewer than the total number of loans made to senior executives and faculty in the 202324 fiscal year.
(c) The regents shall ensure that all repayments and revenue generated by down payment loans provided pursuant to this section are only used for the purposes specified in this section.
(d) Seventy-five percent of the down payment loans provided pursuant to this section shall be made available to eligible support staff whose household incomes are at or below the area median income.
(e) The Legislature may enact laws or delegate to an appropriate body or agency the power to implement this section, including, but not limited to, the power to:
(1) Establish priorities and procedures consistent with the purposes of this section.
(2) Specify the type and condition of properties for which loans may be provided pursuant to this section.
(3) Specify the terms, underwriting, and additional eligibility criteria for loans provided pursuant to this section.
(4) Determine whether the regents shall also provide low-interest primary mortgages to eligible support staff, but only to the extent that providing low-interest primary mortgages is necessary for eligible support staff to qualify for down payment loans.
(f) For purposes of this section, the following definitions apply:
(1) Area median income means the median family income of a geographic area of the state.
(2) Down payment loan means a no-interest, deferred-payment, subordinate, shared-appreciation loan for 20 percent of a homes purchase price, and may be used only for a down payment on the purchase of the borrowers primary residence. When the home is sold or the primary mortgage is refinanced, the borrower shall repay the amount of the subordinate down payment loan plus 20 percent of the appreciated home value to the University of California.
(3) Eligible support staff means career employees who have worked for the University of California for at least five years and are first-time homebuyers. Eligible support staff does not include loan applicants who are University of California supervisors, managers, senior executives, or members of the University of California faculty in the Academic Senate.
(4) Faculty means University of California faculty in the Academic Senate.
(5) Low-interest means a rate comparable to the lowest rates the University of California offers on home loans it provides to senior executives and faculty, or 3.25 percent per annum, whichever is lower.
(6) Provide means to originate, loan, arrange or cause to be made available, directly or indirectly, including through the University of California Home Loan Program Corporation, or any other mortgage-originating entity.
(7) Senior executives means those executives and senior managers in the University of Californias senior management group.
(8) University of California or regents means the Regents of the University of California, and includes any affiliated mortgage originating entity such as the University of California Home Loan Program Corporation.
Third (a) The provisions of this measure are severable. If any portion, section, subdivision, paragraph, clause, sentence, phrase, word, or application of this measure is for any reason held to be invalid by a decision of any court of competent jurisdiction, that decision shall not affect the validity of the remaining portions of this measure. The Legislature hereby declares that it would have proposed, and the voters hereby declare that they would have adopted, this measure and every portion, section, subdivision, paragraph, clause, sentence, phrase, word, and application not declared invalid or unconstitutional without regard to whether any portion of this measure or application of this measure would be subsequently declared invalid.(b) If this measure and another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees appear on the same statewide election ballot, the provisions of the other measure or measures shall not be deemed to be in conflict with this measure, and if approved by the voters, this measure shall take effect notwithstanding approval by the voters of another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees by a greater number of affirmative votes.(c) If this measure is approved by the voters but superseded by law by any other conflicting ballot measure approved by the voters at the same election, and the conflicting measure is later held invalid, this measure shall be self-executing and given the full force of law.(d) This measure shall be liberally construed, interpreted, and implemented in order to achieve the purposes set forth in this measure.
Third (a) The provisions of this measure are severable. If any portion, section, subdivision, paragraph, clause, sentence, phrase, word, or application of this measure is for any reason held to be invalid by a decision of any court of competent jurisdiction, that decision shall not affect the validity of the remaining portions of this measure. The Legislature hereby declares that it would have proposed, and the voters hereby declare that they would have adopted, this measure and every portion, section, subdivision, paragraph, clause, sentence, phrase, word, and application not declared invalid or unconstitutional without regard to whether any portion of this measure or application of this measure would be subsequently declared invalid.(b) If this measure and another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees appear on the same statewide election ballot, the provisions of the other measure or measures shall not be deemed to be in conflict with this measure, and if approved by the voters, this measure shall take effect notwithstanding approval by the voters of another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees by a greater number of affirmative votes.(c) If this measure is approved by the voters but superseded by law by any other conflicting ballot measure approved by the voters at the same election, and the conflicting measure is later held invalid, this measure shall be self-executing and given the full force of law.(d) This measure shall be liberally construed, interpreted, and implemented in order to achieve the purposes set forth in this measure.
Third (a) The provisions of this measure are severable. If any portion, section, subdivision, paragraph, clause, sentence, phrase, word, or application of this measure is for any reason held to be invalid by a decision of any court of competent jurisdiction, that decision shall not affect the validity of the remaining portions of this measure. The Legislature hereby declares that it would have proposed, and the voters hereby declare that they would have adopted, this measure and every portion, section, subdivision, paragraph, clause, sentence, phrase, word, and application not declared invalid or unconstitutional without regard to whether any portion of this measure or application of this measure would be subsequently declared invalid.
### Third
(b) If this measure and another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees appear on the same statewide election ballot, the provisions of the other measure or measures shall not be deemed to be in conflict with this measure, and if approved by the voters, this measure shall take effect notwithstanding approval by the voters of another measure or measures relating to the provision of housing loans by the Regents of the University of California to University of California employees by a greater number of affirmative votes.
(c) If this measure is approved by the voters but superseded by law by any other conflicting ballot measure approved by the voters at the same election, and the conflicting measure is later held invalid, this measure shall be self-executing and given the full force of law.
(d) This measure shall be liberally construed, interpreted, and implemented in order to achieve the purposes set forth in this measure.