CA SB482

Specifies that the Department of Housing and Community Development may allow capitalized operating reserves to be used for rent subsidies in eligible Multifamily Housing Program projects, including supportive housing units.

Requires the department to offer capitalized operating reserves to supportive housing units only after developers have sought capitalized reserves from other potential funding sources.

Authorizes the department to consider factors including availability of funds, individual project financial needs, whether developers sought other subsidies, and other appropriate factors when determining project eligibility for capitalized operating reserves.

Allows the department to offer capitalized reserves for operations and supportive services in the form of a grant rather than only as loan assistance.

Defines "assisted units" to include, but not be limited to, supportive housing units reserved for households with incomes not exceeding very low income limits determined by the department.