CaliforniaCalifornia requires a study of ways to lower housing borrowing costs
The law requires the California Housing Finance Agency to study ways to lower borrowing costs for state-assisted housing, focusing on construction loans, and report in 2028.
What it does
The California Housing Finance Agency must study ways to protect lenders from losses and lower borrowing costs for housing projects receiving state financial help. It must give priority to construction borrowing costs.
The agency must report early findings to lawmakers and state finance officials by January 1, 2028. Final recommendations, including costs and risks, are due by July 1, 2028.
Argument forComparing possible loan savings with state costs and risks could help California choose better ways to support housing financing.
Argument againstThe detailed study could use agency staff time and consulting resources without guaranteeing lower borrowing costs for housing projects.
More detail
The California Housing Finance Agency must study ways to protect housing lenders from losses and lower borrowing costs. The study covers construction loans and long-term loans for housing projects receiving state financial help. The study must compare possible savings, state costs, financial risks, and rules for running potential programs. The agency must consult housing and finance experts and may hire them for the study.
The California Housing Finance Agency must send interim and final reports to the Legislature and the Department of Finance. The interim report must include early findings, possible funding levels, financial estimates, and feedback from those consulted. The final report must recommend a program design and explain costs, risks, and steps to put it into practice, including ways to reduce construction borrowing costs. The interim report is due by January 1, 2028, and the final report is due by July 1, 2028.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 29Chaptered by Secretary of State. Chapter 803, Statutes of 2026.Latest
- Sep 29Approved by the Governor Gavin Newsom.Became Law
- Sep 4Enrolled and presented to the Governor at 2 p.m.To Governor
- Aug 28Assembly amendments concurred in. (Ayes 40. Noes 0. Page 6087.) Ordered to engrossing and enrolling.Major
- Vote recorded Unfinished Business SB750 Cortese et al. Concurrence. Result: pass.Upper
- Aug 28In Senate. Concurrence in Assembly amendments pending.
- Aug 27Read third time. Passed. (Ayes 64. Noes 6. Page 6746.) Ordered to the Senate.Passed Assembly
- Vote recorded SB 750 Cortese Senate Third Reading By Haney. Result: pass.Lower
- Aug 20Ordered to third reading.Minor
- Aug 20Read third time and amended.Major
- Aug 17Read second time. Ordered to third reading.Minor
- Aug 13Read second time and amended. Ordered to second reading.Major
- Vote recorded Do pass as amended. Result: pass.Lower
- Aug 13From committee: Do pass as amended. (Ayes 11. Noes 0.) (August 13).Major
- Aug 13Assembly Rule 63 suspended.
- 2025
- Aug 29August 29 hearing postponed by committee.
- Aug 20August 20 set for first hearing. Placed on APPR. suspense file.
- Jul 17Read second time and amended. Re-referred to Com. on APPR.Major
- Jul 16From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (July 15).Major
- Jul 15
- Vote recorded Do pass as amended and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Jul 7Read second time and amended. Re-referred to Com. on JUD.Major
- Jul 3From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 8. Noes 0.) (July 2).Major
- Jul 2
- Vote recorded Do pass as amended and be re-referred to the Committee on [Judiciary]. Result: pass.Lower
- Jun 5Referred to Coms. on H. & C.D. and JUD.Minor
- May 28In Assembly. Read first time. Held at Desk.Minor
- Vote recorded 3rd Reading SB750 Cortese et al. Result: pass.Upper
- May 28Read third time. Passed. (Ayes 38. Noes 0. Page 1293.) Ordered to the Assembly.Passed Senate
- May 27Read second time. Ordered to third reading.Minor
- May 23Read second time and amended. Ordered to second reading.Major
- Vote recorded Do pass as amended. Result: pass.Upper
- May 23From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1212.) (May 23).Major
- May 20Set for hearing May 23.
- May 19May 19 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- May 9Set for hearing May 19.
- May 1Read second time and amended. Re-referred to Com. on APPR.Major
- Apr 30From committee: Do pass as amended and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 13. Noes 0. Page 943.) (April 29).Major
- Apr 29
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- Apr 23From committee: Do pass and re-refer to Com. on JUD. (Ayes 11. Noes 0. Page 832.) (April 22). Re-referred to Com. on JUD.Minor
- Apr 22
- Vote recorded Do pass, but first be re-referred to the Committee on [Judiciary]. Result: pass.Upper
- Apr 17Set for hearing April 29 in JUD. pending receipt.
- Apr 4Set for hearing April 22.
- Mar 12Referred to Coms. on HOUSING and JUD.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
Housing