SB 869 Summary

• Removes exemption for residential facilities for persons with special health care needs from the definition of "health facility" under the California Health Facilities Financing Authority Act.

• Adds limited liability companies whose sole member is a nonprofit corporation to the definition of "participating health institution" eligible for health facility financing.

• Renames the "Small Facility Loan Guarantee for Developmental Disability Programs" to "Small Facility Loan Guarantee for Programs Serving People with Developmental Disabilities" and expands eligibility to include borrowers with long-term residency leases with service providers selected by regional centers.

• Increases the maximum aggregate amount of loans insurable under the program from $15,000,000 to $100,000,000 and allows loans to cover construction, improvement, and expansion costs exceeding the current facility value when supported by additional security or guaranties.

• Increases the pilot program facility limit from 30 to 100 facilities and increases aggregate loan cap from $6,000,000 to $100,000,000; authorizes a loan of up to $88,000,000 from the General Fund to the California Housing Finance Fund to be repaid from bond proceeds by June 30, 2011.