University of California: home down payment loans for support staff.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This constitutional amendment proposes to extend a homeownership assistance program currently available to University of California executives and faculty to eligible support staff – career employees who have worked for the university for at least five years and are first-time homebuyers. The program would provide down payment loans, with a goal of matching the number of housing loans made to executives and faculty in the previous year, prioritizing loans for staff with incomes at or below the area median income. The legislature would have the authority to establish implementation details and procedures.
Key provisions
- Requires the Regents of the University of California to extend homeownership assistance to eligible support staff.
- Down payment loans will equal the number of housing loans made to executives and faculty in the preceding year.
- 75% of loans must be for support staff with incomes at or below the area median income.
- Eligible support staff are defined as career employees with at least 5 years of service, first-time homebuyers, and not supervisors, managers, senior executives, or faculty in the Academic Senate.
- The legislature can establish implementation procedures and criteria.
- Revenue from down payment loans will be used for the purposes outlined in the amendment.
- The program does not require state General Fund money.
- The measure is severable, meaning that if one part is deemed invalid, the rest remains in effect.
Who is affected
Bill text
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