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CA AB69
Bill
Status
9/28/2020
Primary Sponsor
Richard Bloom
Click for details
AI Summary
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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.
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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.
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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.
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Sets a goal to add 50,000 additional housing units on single-family properties within five years through the program.
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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