AB 298

Bill Subjects

Abstract

Existing law establishes within the Department of Housing and Community Development the California Housing Finance Agency and provides that the primary purpose of the agency is to meet the housing needs of persons and families of low or moderate income. Existing law requires the California Housing Finance Agency administer the Roberti-Greene Home Purchase Assistance Program, to provide home purchase assistance to low- and moderate-income homebuyers to qualify for the purchase of owner-occupied homes. Existing law authorizes the agency, pursuant to specified objectives, to create its own home purchase assistance programs, home purchase assistance products, or both, on terms and conditions as the agency deems prudent. Existing law requires the agency to provide to the Legislature and the Legislative Analyst an annual report containing information concerning all units produced, assisted, or insured using agency funds. This bill would require the Legislative Analyst to conduct a study, and present the findings thereof to the Legislature, to inform the creation of a low-interest loan program for first responders. The bill would require the report to be submitted on or before January 1, 2024. The bill would require the report to include a recommendation as to which state department is best suited to administer the program, an estimation of the amount of funding that would be necessary to conduct the program, and recommendations for qualifications for participation in the program.