CA AB1602

Establishes the California Student Housing Revolving Loan Fund to provide zero-interest loans to the University of California, California State University, and California Community Colleges for constructing affordable student housing and faculty/staff housing projects.

Creates a continuously appropriated fund in the State Treasury with legislative intent to appropriate $5,000,000,000 for housing loans, with repayment terms not to exceed 30 years.

Requires participating institutions and nonprofit entities to pay prevailing wages to construction workers, notify labor organizations before bidding, and use skilled and trained workforces for projects costing $25,000,000 or more.

Mandates that University of California ensure all cleaning, maintenance, groundskeeping, and food service work traditionally performed by UC Service Unit employees continues to be performed only by UC employees at funded facilities.

Directs the California School Finance Authority and California Educational Facilities Authority to submit a report by March 15, 2024 detailing the number of projects funded, total loan amounts, individual project terms, and loan details.