CA AB2305

Establishes the Coordinated Affordable Housing Finance Committee to allocate state-controlled resources for affordable rental housing through a single application process and competition.

Committee membership consists of representatives from the Department of Housing and Community Development, California Housing Finance Agency, California Tax Credit Allocation Committee, State Treasurer, and State Controller, with an annually selected chair.

Requires the committee to develop by January 1, 2024 a single application, threshold requirements, and rating and ranking system for allocating state resources, with authority to establish set-asides for specific project types and ensure geographic distribution.

Defines "state-controlled resources" to include federal and state low-income housing tax credits, tax-exempt bonds, grants, and deferred loans, excluding short-term mortgages and permanent amortizing mortgage programs from CalHFA.

Exempts committee rulemaking from the Administrative Procedure Act but requires notice, public hearings, and comment periods before rules take effect immediately upon adoption; allows emergency rules exempt from standard procedures.