AB 1945

Bill Subjects

Abstract

Existing law establishes various programs intended to promote the development of affordable housing, including the Multifamily Housing Program, under which the Department of Housing and Community Development provides financial assistance in the form of deferred payment loans to pay for the eligible costs of certain housing development activities. This bill would require the department to establish and administer the Affordable Disaster Housing Revolving Development and Acquisition Program to fund the predevelopment expenses, acquisition, construction, reconstruction, and rehabilitation of property to develop or preserve affordable housing in the state's declared disaster areas that have experienced damage and loss of homes occupied by or affecting lower income households. The bill would require the department to establish an application process for community development financial institutions, as defined, to apply for emergency short-term or temporary loans under the program. This bill would require community development financial institutions receiving awards through the program to issue short-term loans to nonprofit housing development corporations, tribally designated housing entities, and local government agencies to fund the cost of developing dwelling units and transitional housing, childcare, after school care, and social service facilities that are integrally linked to the dwelling units, as specified. The bill would authorize certain cost categories related to the development of dwelling units, including the acquisition of real property, new construction or rehabilitation, general property improvements that are necessary to correct unsafe, unhealthy, or unsanitary conditions, and necessary and related onsite and offsite improvements.