Tom Ammiano
- Democratic
Author
Existing law authorizes the Department of Housing and Community Development to make advance payments to eligible borrowers and grantees under certain loan or grant programs for housing, if the department makes specified determinations. This bill would additionally authorize the department to reduce the interest rate on any loan issued by the department to a rental housing development to as low as 0.42% per annum, or a rate determined by the department that is sufficient to cover the costs of project monitoring, as specified, if the development meets specified requirements. The bill would also authorize the department to change the current interest rate for any loan for which it receives a loan extension request associated with an award of federal or state low-income housing tax credits made on or after January 1, 2014, to the most recently published applicable federal rate, and would require the additional tax credit equity generated by the change to be used for rehabilitation of the development. The bill would also authorize the department to forgive an amount of accrued interest if the total amount of debt and accrued interest at the end of the loan term would be greater after making this change than it would have been under the original interest rate. The bill would also require the department to charge a fee sufficient to cover administrative costs associated with a loan modification requested by a borrower.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 445, Statutes of 2014.
Enrolled and presented to the Governor at 4 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 54. Noes 23. Page 6271.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 21 pursuant to Assembly Rule 77.
Read third time. Passed. Ordered to the Assembly. (Ayes 22. Noes 10. Page 4610.).
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Action rescinded whereby the bill was read third time, passed, and to Assembly.
In Senate. Held at Desk.
Ordered to the Senate.
Read third time. Passed. Ordered to the Assembly. (Ayes 25. Noes 10. Page 4193.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after July 2 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From inactive file.
Ordered to second reading.
Ordered to inactive file at the request of Senator Leno.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 5. Noes 2.) (August 30).
In committee: Placed on APPR. suspense file.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 2.) (June 18).
Read third time. Passed. Ordered to the Senate. (Ayes 53. Noes 24. Page 1744.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. Ordered to third reading.
From committee: Do pass as amended. (Ayes 12. Noes 5.) .
Read second time and amended. Ordered to second reading.
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 1.) (April 3). Re-referred to Com. on APPR.
From printer. May be heard in committee March 23.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB523 | HTML |
| 02/20/13 - Introduced | |
| 05/24/13 - Amended Assembly | |
| 06/24/13 - Amended Senate | |
| 09/03/13 - Amended Senate | |
| 06/23/14 - Amended Senate | |
| 08/12/14 - Amended Senate | |
| 08/22/14 - Enrolled | |
| 09/19/14 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
Data on Open States is updated periodically throughout the day from the official website of the California State Legislature.
If you notice any inconsistencies with these official sources, feel free to file an issue.