CA AB224

Authorizes the California Housing Finance Agency to enter into long-term financing agreements with school districts and qualified developers to create affordable rental housing for school district employees, including teachers.

Requires that loan payments be deferred until the affordable rental housing is put into service and the school district begins collecting rent from occupants.

Defines "affordable rental housing" as housing serving persons and families of low or moderate income, and "qualified developer" as a developer partnered with a school district for this purpose.

Makes funds available for these purposes only upon appropriation by the Legislature, notwithstanding existing continuous appropriation provisions.