CA AB2076

Amends Section 67329.3 of the Education Code to authorize the Controller to transfer $200,000,000 from the Surplus Money Investment Fund to the California Student Housing Revolving Loan Fund in the 2024-25 fiscal year as a cash loan.

Loans made to applicants under the program from the transferred funds shall be repaid at a 3% interest rate, rather than zero-interest.

The principal and interest on the $200,000,000 cash loan must be fully repaid on or before June 30, 2035, with no prepayment penalty.

The interest rate on the cash loan equals the Pooled Money Investment Account average monthly effective yield rate as determined by the Treasurer, with interest repaid from the General Fund.

The cash loan transfer becomes operative only upon legislative appropriation of sufficient moneys to the California Student Housing Revolving Loan Fund to fully fund repayment of the cash loan.