AB 1629 Summary

• Renames the "Small Facility Loan Guarantee for Developmental Disability Programs" to the "Small Facility Loan Guarantee for Programs Serving People with Developmental Disabilities"

• Increases the total amount of loans that may be insured under the program from $15,000,000 to $100,000,000 and allows loans to cover construction, improvement, and expansion costs that may exceed the current facility value when supported by other security or guaranty

• Eliminates the pilot program designation for loans to nonprofit borrowers not licensed to operate facilities, increases eligible facilities from 30 to 100, and increases the aggregate loan amount to $100,000,000

• Requires Golden Gate Regional Center, Regional Center of the East Bay, and San Andreas Regional Center to provide, secure, and ensure full payment of leases for housing developed for persons with developmental disabilities

• Authorizes a loan from the General Fund to the California Housing Finance Fund of up to $88,000,000 to be repaid from bond proceeds by June 30, 2011