CA SB1400

Authorizes issuance of $500,000,000 in state general obligation bonds to finance an Accessory Dwelling Unit Construction Program administered by the Department of Housing and Community Development.

Allows the department to enter into contracts with homeowners to provide financing for eligible costs of constructing accessory dwelling units on their properties, with loans secured by deed of trust or mortgage.

Establishes two special funds: the Accessory Dwelling Unit Construction Trust Fund of 2020 (for bond proceeds and loan disbursement) and the Accessory Dwelling Unit Bond Payment Fund (for debt service on bonds).

Sets interest rates on loans to cover bond interest and department administration costs, with loan repayment periods not exceeding 40 years and all borrower repayments deposited into the bond payment fund.

Requires voter approval at the next statewide general election following the bill's effective date for the act to become operative, and takes effect immediately as an urgency statute.