AB 2293 Summary

• Requires the Department of Housing and Community Development to offer placing permanent loan funds into escrow for housing projects under three programs (Multifamily Housing, Farmworker Housing, and Transit-Oriented Development) when recipients cannot secure construction loans on the private market, effective until June 30, 2013.

• Department must establish standards, requirements, and procedures within three months of the bill's effective date and begin accepting applications with priority given to recipients in award order.

• Department authority is limited to $50 million in reserved funds and cannot be used for projects awarded after December 18, 2008 until all eligible pre-December 18, 2008 projects are fully funded.

• Bill takes effect immediately as an urgency statute to expedite housing construction and stimulate job creation.