AB 1074

Bill Subjects

Abstract

Existing law, the Veterans and Affordable Housing Bond Act of 2018, which was approved by the voters as Proposition 1 at the November 6, 2018, statewide general election, authorizes the issuance of bonds in the amount of $4,000,000,000 pursuant to the State General Obligation Bond Law and requires the proceeds from the sale of these bonds to be used to finance various housing programs and a specified program for farm, home, and mobilehome purchase assistance for veterans, as provided. Existing law authorizes a city, county, or city and county to provide for the creation of accessory dwelling units in areas zoned to allow single-family or multifamily use by an ordinance that complies with specified requirements. Existing law requires the city, county, or city and county to ministerially approve or disapprove an application for a permit to create an accessory dwelling unit received pursuant to such an ordinance within 120 days. This bill would enact the Accessory Dwelling Unit Construction Bond Act of 2020 (bond act) , which, if adopted, would authorize the issuance of bonds in the amount of $500,000,000 pursuant to the State General Obligation Bond Law to finance the Accessory Dwelling Unit Construction Program, established as part of the bond act. The bill would authorize the Department of Housing and Community Development to enter into a contract under that program with a homeowner to provide financing to pay for the eligible costs incurred by the homeowner in constructing an accessory dwelling unit on the homeowner's property, subject to specified terms and conditions. The bill would require that moneys received from a homeowner for the repayment of financing provided under the program to be used to pay debt service when due on bonds issued pursuant to the bond act. This bill would provide for submission of the bond act to the voters at the next statewide general election following its effective date, in accordance with specified law.