(Wicks D) Bay Area Housing Finance Authority: housing revenue.
Current Text: Amended: 3/16/2023
Status: 3/29/2023-Coauthors revised. From committee: Do pass and re-refer to Com. on NAT. RES. (Ayes 6. Noes 2.) (March 29). Re-referred to Com. on NAT. RES.
Summary: Existing law, the San Francisco Bay Area Regional Housing Finance Act, establishes the Bay Area Housing Finance Agency to raise, administer, and allocate funding for affordable housing in the San Francisco Bay area, as defined, and provide technical assistance at a regional level for tenant protection, affordable housing preservation, and new affordable housing production. The act provides the authority with various powers, including the power to place a measure on the ballot to raise revenue and allocate funds throughout the San Francisco Bay area, apply for and receive grants or loans from public and private entities, incur and issue bonds and other indebtedness, and otherwise incur liabilities or obligations. Existing law authorizes a city or county, or an agency created pursuant to a joint powers agreement, to issue revenue bonds to defray the costs of acquiring home mortgages or making loans to lending institutions in order to enable them to make home mortgages, and the costs of studies and surveys, insurance premiums, underwriting fees, legal, accounting and marketing services incurred in connection with the issuance and sale of bonds, as specified.
This bill would authorize the authority to issue mortgage revenue bonds, pursuant to provisions described above; acquire, hold, develop, operate, and dispose of real property; and create one or more California limited liability companies of which the authority is the sole member. This bill contains other related provisions and other existing laws.