AB 1699 Summary

• Authorizes the Department of Housing and Community Development to extend terms of existing multifamily housing loans, subordinate department loans to new debt, and invest in tax credit equity for rental housing developments under multiple specified programs.

• Permits loan term extensions of 10 to 55 years at 3 percent simple interest with deferred principal payments, and allows the department to charge monitoring and transaction fees to cover restructuring costs.

• Requires that at least 35 percent of assisted units remain affordable to households earning at or below the midlevel income target, with rent increases for existing tenants limited to 5-10 percent annually depending on income level, and protects tenants from displacement.

• Establishes that restructured developments shall be governed by this chapter and department guidelines (not subject to the Administrative Procedures Act) rather than the original program statutes, and requires the department to post information on household incomes and rents for restructured developments online.

• Extends similar restructuring authority to group homes, owner-occupied housing, and projects financed through the California Housing Finance Agency, with modified terms appropriate to each housing type.