California Housing Finance Agency: credit enhancement mechanisms study.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
Take action
Record your position on this measure.
Create an account to record your position, submit testimony, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill, the California Housing Finance and Credit Act, aims to stimulate affordable housing production by establishing a credit enhancement program for construction and permanent loans. It would create a fund to provide these enhancements, requiring the California Housing Finance Agency to administer the program and report on its effectiveness. The bill’s implementation is contingent on voter approval of Senate Constitutional Amendment ____ in 2025. It also declares that the provisions are not subject to the State General Obligation Bond Law and are severable.
Key provisions
- Establishes a credit enhancement program for affordable housing construction and permanent loans.
- Creates the California Housing Finance and Credit Fund to provide financial support for the program.
- Requires the California Housing Finance Agency to administer and implement the program.
- Sets a maximum premium rate of 2% for insurance on loans under the program.
- Requires an annual report and agreed-upon procedures engagement for the program.
- Requires the Legislative Analyst’s Office to prepare a biannual report on program effectiveness.
- Declares that the provisions are not subject to the State General Obligation Bond Law.
- Establishes a limit on the agency’s authorization for insuring housing construction and expansion loans in the state budget.
Who is affected
- California homebuyers
- Developers of affordable housing
Bill text
Read the latest version inline or switch to a previous version.
Text extraction is in progress. View the official source.
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours