Steve Padilla
- Democratic
- Senator
- District 18
Author
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.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 1.) (June 26). Re-referred to Com. on APPR.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 31. Noes 7. Page 4090.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass as amended. (Ayes 5. Noes 2. Page 3968.) (May 16).
Read second time and amended. Ordered to second reading.
Set for hearing May 16.
April 8 hearing: Placed on APPR suspense file.
Set for hearing April 8.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 8. Noes 0. Page 3349.) (March 19).
Set for hearing March 19.
From printer. May be acted upon on or after March 8.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1032 | HTML |
| 02/06/24 - Introduced | |
| 03/21/24 - Amended Senate | |
| 05/16/24 - Amended Senate |
| Document | Format |
|---|---|
| 03/14/24- Senate Housing | |
| 04/05/24- Senate Appropriations | |
| 05/17/24- Senate Appropriations | |
| 05/20/24- Sen. Floor Analyses | |
| 06/24/24- Assembly Housing and Community Development |
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