CA AB835

Authorizes the Department of Housing and Community Development to modify loan terms for child care facilities upon borrower request if the department determines hardship has been demonstrated

Requires that any loan modification maintain the principal amount without increase and not decrease below the current appraised property value

Mandates that monthly loan payments must decrease as part of any approved modification

Permits the department to allow modified loans to become subordinate to other loans under terms the department deems reasonable

Applies to loans made under existing child care facility loan programs for purchase, development, construction, expansion, or improvement of licensed facilities