CaliforniaHousing programs: financing.
What it does
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.
More detail
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.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Oct 10Chaptered by Secretary of State. Chapter 523, Statutes of 2025.Latest
- Oct 10Approved by the Governor Gavin Newsom.Became Law
- Sep 22Enrolled and presented to the Governor at 2 p.m.To Governor
- Sep 11Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2927.) Ordered to engrossing and enrolling.Major
- Vote recorded Special Consent SB686 Reyes et al. Result: pass.Upper
- Sep 9Ordered to special consent calendar.
- Aug 28In Senate. Concurrence in Assembly amendments pending.
- Vote recorded SB 686 Reyes Consent Calendar Second Day. Result: pass.Lower
- Aug 28Read third time. Passed. (Ayes 74. Noes 0. Page 2777.) Ordered to the Senate.Passed Assembly
- Aug 21Read second time. Ordered to consent calendar.Minor
- Aug 20From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 20).Minor
- Vote recorded Do pass. To Consent Calendar. Result: pass.Lower
- Aug 20Coauthors revised.
- Jul 16From 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.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar. Result: pass.Lower
- Jul 7From committee with author's amendments. Read second time and amended. Re-referred to Com. on H. & C.D.Major
- Jun 5Referred to Com. on H. & C.D.Minor
- May 29In Assembly. Read first time. Held at Desk.Minor
- Vote recorded Special Consent SB686 Reyes et al. Result: pass.Upper
- May 29Read third time. Passed. (Ayes 38. Noes 0. Page 1328.) Ordered to the Assembly.Passed Senate
- May 27Ordered to special consent calendar.
- May 23Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Upper
- May 23From committee: Do pass. (Ayes 6. Noes 0. Page 1209.) (May 23).Minor
- May 16Set for hearing May 23.
- Apr 21April 21 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Apr 4Set for hearing April 21.
- Apr 2From 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.Minor
- Apr 1
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- Mar 13Set for hearing April 1.
- Mar 5Referred to Com. on HOUSING.Minor
- Feb 24Read first time.Minor
- Feb 24From printer. May be acted upon on or after March 24.
- Feb 21Introduced. To Com. on RLS. for assignment. To print.Introduced