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CA AB69

Bill

Status

Vetoed

9/28/2020

Primary Sponsor

Richard Bloom

Click for details

Origin

State Assembly

2019-2020 Session

AI Summary

  • Establishes the Help Homeowners Add New Housing Program within the Treasurer's office to assist homeowners in obtaining loans for constructing accessory dwelling units (ADUs) and junior ADUs on single-family properties.

  • Requires the program to provide partial loan guarantees and credit enhancements to induce private lenders to issue construction loans, with originating lenders retaining a percentage of risk determined by the Treasurer.

  • Requires participation in the program to be limited to homeowners who own no more than three residential properties of one to four units and must be the owner-occupant of the primary residence.

  • Sets a goal to add 50,000 additional housing units on single-family properties within five years through the program.

  • Creates the Help Homeowners Add New Housing Account within the California Housing Finance Fund with continuously appropriated moneys, and authorizes the California Housing Financing Agency to issue revenue bonds to provide funding for the program.

Legislative Description

Help Homeowners Add New Housing Program: accessory dwelling unit financing.

Last Action

Vetoed by Governor.

9/28/2020

Committee Referrals

Housing and Community Development8/30/2020
Appropriations8/7/2020
Rules7/30/2020
Appropriations6/19/2019
Housing5/29/2019
Rules5/23/2019
Appropriations4/3/2019
Housing and Community Development1/17/2019

Full Bill Text

No bill text available