CA SB1150

Authorizes the Department of Housing and Community Development to provide secured forgivable loans to individual households to rehabilitate, repair, or replace housing in communities where 7.5% of the total housing stock was destroyed in a federally declared disaster.

Loan terms for disaster-affected housing include a 20-year repayment period with 10% of original principal forgiven annually for each year beyond the 10th year that the home remains owner-occupied.

Limits use of secured forgivable loans to no more than 10% of funds available for CalHome Program purposes in any fiscal year.

Makes an appropriation from continuously appropriated CalHome Program funds and declares the act an urgency statute to take immediate effect.

Findings note the Camp Fire destroyed over 14,000 homes in Butte County and displaced nearly 35,000 residents, with continued housing affordability challenges in the region.