AB 2969

Bill Subjects

California Housing Finance Agency Accessory Dwelling Units

Abstract

Existing law establishes the California Housing Finance Agency (CalHFA) within the Business, Consumer Services, and Housing Agency with the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law establishes various objectives of CalHFA, including, among others, reducing the cost of mortgage financing for accessory dwelling units, as specified. Existing law requires CalHFA to convene a working group to develop recommendations to assist homeowners in qualifying for loans to construct accessory dwelling units and junior accessory dwelling units on the homeowner's property and to increase access to capital for homeowners interested in building accessory dwelling units. Existing law requires the working group to include specified representatives and to explore different opportunities to mitigate risks for lenders, including, but not limited to, loan guarantees, mortgage insurance, managed escrow, and rental income guidelines. This bill would make a nonsubstantive change to these provisions.