SB 1032

  • California Senate Bill
  • 2023-2024 Regular Session
  • Introduced in Senate Feb 06, 2024
  • Passed Senate May 21, 2024
  • Assembly
  • Governor

Housing finance: portfolio restructuring: loan forgiveness.

Abstract

Existing law establishes various rental housing finance programs administered by the Department of Housing and Community Development. Existing law authorizes the department to monitor and fund various multifamily housing loans. With respect to these programs and loans, existing law authorizes the department to approve an extension of a department loan, the reinstatement of a qualifying unpaid matured loan, the subordination of a department loan to new debt, or an investment of tax credit equity pursuant to specified rental housing finance programs and multifamily housing loans administered, monitored, or funded by the department, subject to specified requirements. This bill would additionally authorize the department to forgive the full amount of the principal, interest, fees, and other outstanding balances of the above-described loans if the borrower makes specified showings. The bill would require that projects receiving loan forgiveness meet specified requirements, including that the projects maintain the same number of affordable units at the same affordable housing cost as provided in the project's regulatory agreement, except as specified. The bill would authorize borrowers to appeal a loan forgiveness decision to the Secretary of Business, Consumer Services, and Housing for reconsideration. This bill would make findings and declarations related to a gift of public funds.

Bill Sponsors (2)

Votes


Actions


Jun 03, 2024

Assembly

Referred to Com. on H. & C.D.

  • Referral-Committee
Com. on H. & C.D.

May 22, 2024

Assembly

In Assembly. Read first time. Held at Desk.

May 21, 2024

Senate

Read third time. Passed. (Ayes 31. Noes 7. Page 4090.) Ordered to the Assembly.

May 20, 2024

Senate

Read second time. Ordered to third reading.

May 16, 2024

Senate

Read second time and amended. Ordered to second reading.

Senate

From committee: Do pass as amended. (Ayes 5. Noes 2. Page 3968.) (May 16).

May 10, 2024

Senate

Set for hearing May 16.

Apr 08, 2024

Senate

April 8 hearing: Placed on APPR suspense file.

Mar 28, 2024

Senate

Set for hearing April 8.

Mar 21, 2024

Senate

Read second time and amended. Re-referred to Com. on APPR.

  • Amendment-Passage
  • Reading-1
  • Reading-2
  • Referral-Committee
Com. on APPR.

Mar 20, 2024

Senate

From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0. Page 3349.) (March 19).

Mar 06, 2024

Senate

Set for hearing March 19.

Feb 14, 2024

Senate

Referred to Com. on HOUSING.

  • Referral-Committee
Com. on HOUSING.

Feb 07, 2024

Senate

From printer. May be acted upon on or after March 8.

Feb 06, 2024

Senate

Introduced. Read first time. To Com. on RLS. for assignment. To print.

Bill Text

Bill Text Versions Format
SB1032 HTML
02/06/24 - Introduced PDF
03/21/24 - Amended Senate PDF
05/16/24 - Amended Senate PDF

Related Documents

Document Format
03/14/24- Senate Housing PDF
04/05/24- Senate Appropriations PDF
05/17/24- Senate Appropriations PDF
05/20/24- Sen. Floor Analyses PDF

Sources

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