SB 1457 Summary

• Authorizes issuance of $25 billion in state general obligation bonds for the California Family Home Construction and Homeownership Program, subject to voter approval.

• Allocates up to $18 billion for California Socially Responsible Second Mortgage Loans to first-time homebuyers and renters with incomes below 180% of area median income for down payments and closing costs on newly constructed homes.

• Allocates up to $7 billion for Family Homeownership Opportunity Infrastructure Improvement Loans to homebuilders for predevelopment infrastructure costs on projects located in urbanized areas or within one mile of public transit.

• Requires 25% of bond funds be set aside to assist individuals who have faced discrimination or barriers to homeownership, with authority to redirect unused funds.

• Establishes that loan repayments and infrastructure loan repayments will be deposited into a bond payment fund to service debt on the bonds, with intent that bonds become self-liquidating without cost to state taxpayers.