SB 686
Housing programs: financing.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill modifies the California Housing and Home Finance Act to expand the ability of property owners with department-regulated properties to take out additional debt. Specifically, it allows them to use ‘extracted equity’ – debt secured by the property – to finance rehabilitation, new affordable housing, reimbursement of predevelopment costs, capital improvements, and operating deficits, provided certain financial conditions are met. The bill clarifies the definition of ‘extracted equity’ and ensures the department’s regulatory agreement remains in place.
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