CA AB578

Increases the annual loan payment cap from $150 to $260 per assisted unit for the first 30 years under the Multifamily Housing Program, whichever is less than 0.42% per annum.

Increases the annual loan payment cap from $150 to $260 per assisted unit for the first 15 years under the No Place Like Home Program, whichever is less than 0.42% per annum.

Authorizes the Department of Housing and Community Development to adjust the $260 per-unit annual loan payment limit for inflation based on the California Consumer Price Index, exempt from the Administrative Procedure Act.

Declares that amendments to the No Place Like Home Program are consistent with and further the intent of Proposition 2 (approved November 6, 2018), allowing amendment by a 2/3 legislative vote.