Affordable Housing Risk Reduction Program.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill creates the Affordable Housing Risk Reduction Program, administered by the Department of Housing and Community Development. The program aims to help affordable housing providers manage rising insurance costs by offering technical assistance, supportive resources, and potential loans or grants. It also allows local agencies to contract with joint powers authorities to address these challenges and supports applications for low-income housing tax credits.
Key provisions
- Establishes the Affordable Housing Risk Reduction Program.
- Provides technical assistance and supportive resources to affordable housing providers.
- Allows for loans or grants to mitigate insurance risk.
- Authorizes the department to contract with third-party consultants.
- Requires consultation with the Department of Insurance, California Tax Credit Allocation Committee, and California Debt Limit Allocation Committee.
- Permits the department to submit letters of support for low-income housing tax credits.
- Authorizes local agencies to contract with joint powers authorities.
- Establishes guidelines for technical assistance, including risk analysis and implementation support.
Who is affected
- Affordable Housing Providers
- Local Agencies
- Department of Housing and Community Development
- Insurance Companies
- Low-Income Households
Bill text
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