AB 963

Bill Subjects

Abstract

Existing law, Bergeson-Peace Infrastructure and Economic Development Bank Act, establishes the California Infrastructure and Economic Development Bank (I-Bank) in the Governor's Office of Business and Economic Development, that is governed by a board of directors. The act, among other things, authorizes the I-Bank to make loans, issue bonds, and provide financial assistance for various types of projects that qualify as economic development or public development facilities. This bill, the End the Foster Care-to-Homelessness Pipeline Act, would establish the End the Foster Care-to-Homelessness Pipeline Program within the I-Bank to guarantee qualified loans made by financial institutions to qualified nonprofit and for-profit businesses for the construction, acquisition, and renovation of housing for current and former foster youth between 18 and 25 years of age and who qualify for specified programs. The bill would authorize the bank, in determining whether to guarantee a qualified loan, to give preference to counties with high housing inelasticity and high rates of foster youth, as specified. The bill would authorize the bank to reimburse up to 80% of the guaranteed portion of principal and interest that result from a qualified loan that is in default, not to exceed $250,000,000, and would require the Controller to transfer moneys from the General Fund to the California Infrastructure and Economic Development Bank Fund, at the direction of the bank, for that purpose. By requiring the Controller to transfer moneys into a continuously appropriated fund, the bill would make an appropriation.