SB 1150

Bill Subjects

Abstract

Existing law establishes the CalHome Program, administered by the Department of Housing and Community Development, to enable low- and very low income households to become or remain homeowners. Existing law authorizes the department to use funds for specified expenses, among other things, incurred on home ownership development projects and permanent financing for mutual housing or cooperative developments. Existing law authorizes the department, upon completion of the project, to convert project loans into grants for assistance programs to individual homeowners. Existing law authorizes the department to provide financial assistance in the form of a secured forgivable loan to an individual household to rehabilitate, repair, or replace manufactured housing located in a mobilehome park when specified conditions are met. Existing law, the Veterans and Affordable Housing Bond Act of 2018, deposits $300,000,000 to the Self-Help Housing Fund, a continuously appropriated fund, for purposes of the CalHome Program, as specified. This bill would additionally authorize the department to provide financial assistance in the form of a secured forgivable loan to an individual household to rehabilitate, repair, or replace housing in a community where 7.5% of the total housing stock was destroyed in a federally declared disaster. By expanding the uses of a continuously appropriated fund, the bill would make an appropriation. This bill would declare that it is to take effect immediately as an urgency statute.