CA AB2006

Requires the Department of Housing and Community Development, California Housing Finance Agency, and California Tax Credit Allocation Committee to enter into a memorandum of understanding by July 1, 2024, to streamline compliance monitoring of affordable multifamily rental housing developments subject to regulatory agreements with multiple entities.

Mandates that only one entity conduct physical inspections for a particular project to eliminate duplicative oversight.

Requires elimination of duplicate information submissions across the three entities.

Establishes an aligned process for obtaining required approvals including reserve draws, ownership changes, property management changes, operating budgets, and capital needs assessments.

Preserves each regulating entity's obligations to third parties, inspection standards, and independent authority to approve or deny approval processes.