(Schiavo D) Affordable Housing Finance Workgroup: affordable housing: consolidated application process.

Current Text: Amended: 4/17/2023 

Status: 10/11/2023-Approved by the Governor. Chaptered by Secretary of State – Chapter 742, Statutes of 2023.
4/17/2023-From committee chair, with author’s amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.

Summary: Existing law establishes the Department of Housing and Community Development and sets forth its powers and duties, including promoting the development of affordable housing in the state. Existing law creates the California Housing Finance Agency within the department and authorizes the agency to make loans to finance affordable housing. Existing law establishes the California Tax Credit Allocation Committee to allocate specified federal low-income housing tax credits. Existing law also establishes the California Debt Limit Allocation Committee for the purpose of implementing the volume limit for the state on private activity bonds established pursuant to federal law. Under existing law, the committee’s duties include annually determining a state ceiling on the aggregate amount of private activity bonds that may be issued, and allocating that amount among state and local agencies.

This bill would require the above-described entities to jointly convene an Affordable Housing Finance Workgroup to develop a consolidated application for housing developers to use to obtain grants, loans, tax credits, tax exempt bonds, credit enhancement, and other types of financing for building affordable housing, and develop a coordinated review process for the application, as described. The bill would require the workgroup to include representatives of the above-described entities, nonprofit and for-profit affordable housing developers, and local and tribal governments. The bill would require the workgroup to identify specified information, including a timeline for developing a single consolidated application able to be coordinated for review between the reviewing entities. On or before, July 1, 2026, the bill would require the workgroup to report recommendations on implementing a coordinated review process to the above-described entities, the Legislature, and certain committees of the Legislature. The bill would require the workgroup to develop the consolidated application and coordinated review process on the date identified in the timeline, as specified.