CA SB661

Repeals the Veterans' Farm and Home Act of 1943, consolidating the CalVet Home Loan Program under the 1974 Act.

Expands the definition of "veteran" to include California National Guard and reserve members with a completed 6-year commitment released under honorable conditions who qualify for funds from qualified mortgage revenue bonds.

Changes loan processing requirement from a fixed 30-day average to achieving "industry standard average number of days" for loan delivery.

Authorizes the Secretary of Veterans Affairs to delegate powers and duties to department staff, including contract execution and bond-related document authorization.

Allows the department to refinance existing non-CalVet mortgage loans and existing CalVet loans under specified conditions to stabilize the program, and repeals the 23-year minimum term requirement for participation contracts.