Eloise Reyes
- Democratic
- Senator
- District 29
Author
Existing law, the Zenovich-Moscone-Chacon Housing and Home Finance Act, among other things, establishes the Department of Housing and Community Development and requires it to administer various programs intended to promote the development of housing and to provide housing assistance and home loans. Existing law sets forth various general powers of the department in implementing these programs, including authorizing the department to enter into long-term contracts or agreements of up to 30 years for the purpose of servicing loans or grants or enforcing regulatory agreements or other security documents. Existing law requires the department, subject to certain conditions, to allow property owners subject to a regulatory agreement with the department to take out additional debt on the development in order to finance, with the department's approval, the rehabilitation of the property or investment in new affordable housing. Under existing law, one of those conditions is that any extracted equity is required to meet at least one of several conditions, as specified. Existing law defines "extracted equity" for these purposes to mean debt added to a department-regulated property that is not used in prescribed ways. This bill would, additionally, require the department to allow property owners to take out additional debt, as described above, if any extracted equity is utilized for reimbursement of borrower advances for predevelopment costs, unreimbursed capital improvements, and unreimbursed operating deficits. The bill would revise the definition of "extracted equity" to mean debt distributed funds that are financed with debt that is secured by a department-regulated property and is not used in prescribed ways.
Chaptered by Secretary of State. Chapter 523, Statutes of 2025.
Approved by the Governor.
Enrolled and presented to the Governor at 2 p.m.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2927.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 74. Noes 0. Page 2777.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 20).
Coauthors revised.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (July 16). Re-referred to Com. on APPR.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on H. & C.D.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 38. Noes 0. Page 1328.) Ordered to the Assembly.
Ordered to special consent calendar.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 6. Noes 0. Page 1209.) (May 23).
Set for hearing May 23.
April 21 hearing: Placed on APPR. suspense file.
Set for hearing April 21.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 11. Noes 0. Page 609.) (April 1). Re-referred to Com. on APPR.
Set for hearing April 1.
From printer. May be acted upon on or after March 24.
Read first time.
Introduced. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB686 | HTML |
| 02/21/25 - Introduced | |
| 07/07/25 - Amended Assembly | |
| 09/16/25 - Enrolled | |
| 10/10/25 - Chaptered |
| Document | Format |
|---|---|
| 03/27/25- Senate Housing | |
| 04/18/25- Senate Appropriations | |
| 05/26/25- Sen. Floor Analyses | |
| 07/15/25- Assembly Housing and Community Development | |
| 08/18/25- Assembly Appropriations | |
| 08/28/25- Sen. Floor Analyses |
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