Bill Text: CA AB2293 | 2009-2010 | Regular Session | Enrolled

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Bill Title: Housing: construction loans.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2010-09-25 - Vetoed by Governor. [AB2293 Detail]

Download: California-2009-AB2293-Enrolled.html

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BILL NUMBER: AB 2293	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 24, 2010
	PASSED THE ASSEMBLY  AUGUST 26, 2010
	AMENDED IN SENATE  AUGUST 17, 2010
	AMENDED IN SENATE  JUNE 22, 2010
	AMENDED IN ASSEMBLY  MAY 28, 2010
	AMENDED IN ASSEMBLY  APRIL 20, 2010
	AMENDED IN ASSEMBLY  APRIL 5, 2010

INTRODUCED BY   Assembly Member Torres

                        FEBRUARY 18, 2010

   An act relating to housing, and declaring the urgency thereof, to
take effect immediately.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2293, Torres. Housing: construction loans.
   Existing law establishes the Multifamily Housing Program, the Joe
Serna, Jr. Farmworker Housing Grant Program, and the Transit-Oriented
Development Implementation Program, administered by the Department
of Housing and Community Development, which provide assistance for
multifamily housing, farmworker housing, and development of high
density uses within close proximity to transit stations,
respectively.
   This bill would, until June 30, 2013, require the department, upon
request of a program award recipient unable to secure a construction
loan on the private market, to contract with a construction lender
to make permanent loan funds available and to escrow, reserve, or set
aside permanent loan funds for a project as of the date of closing
of the construction loan. The bill would require the department,
within 3 months of its effective date, to comply with specified
procedures and standards relating to the above requirements.
   This bill would declare that it is to take effect immediately as
an urgency statute.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  (a) This section shall apply to loan awards made
pursuant to all of the following programs:
   (1) The Multifamily Housing Program authorized by Chapter 6.7
(commencing with Section 50675) of Part 2 of Division 31 of the
Health and Safety Code.
   (2) The Joe Serna, Jr. Farmworker Housing Grant Program authorized
by Section 50517.5 of the Health and Safety Code, including, but not
limited to, subdivision (c) of Section 50517.10 of the Health and
Safety Code.
   (3) The Transit-Oriented Development Implementation Program
authorized by Part 13 (commencing with Section 53560) of Division 31
of the Health and Safety Code.
   (b) For each award recipient unable to secure a construction loan
on the private market, the Department of Housing and Community
Development shall, upon request and until June 30, 2013, offer to
place into escrow, reserve, or set aside permanent loan funds for the
project as of the date of closing of the construction loan.
   (c) On or before three months of the date this section takes
effect, the department shall do both of the following:
   (1) Establish and publish online, standards and requirements for
award recipients and procedures for implementing subdivision (b).
   (2) Begin offering the option specified in subdivision (b). The
department shall establish an initial application deadline and, for
recipients who submit an application prior to that deadline and meet
the department's threshold requirements, give priority to recipients
in the order in which they received their awards. Thereafter, the
department shall accept applications on an over-the-counter basis.
The department may work with more than one recipient at a time.
   (d) The department may not exercise its authority pursuant to this
section for any project that received an award after December 18,
2008, until the department has received or obtained access to bond
funds sufficient to fund all projects within the same class of
tax-exempt or taxable bond projects that received an award prior to
December 18, 2008.
   (e) The department may exercise its authority pursuant to this
section only until it has reserved fifty million dollars
($50,000,000).
  SEC. 2.  This act is an urgency statute necessary for the immediate
preservation of the public peace, health, or safety within the
meaning of Article IV of the Constitution and shall go into immediate
effect. The facts constituting the necessity are:
   In order to expedite the construction of housing projects funded
with housing bond funds and stimulate the creation of construction
and permanent jobs, it is necessary that this act take immediate
effect.