CA AB2320

Expands California's Homekey program to allow funds awarded on or after January 1, 2027, to be used for adaptive reuse projects, defined as retrofitting existing non-residential buildings into new residential rental units

Exempts adaptive reuse projects from per unit cost caps and treats them as a distinct eligible project category within the Homekey program

Extends project completion timelines for awards made on or after July 1, 2026: new construction, gap financing, and adaptive reuse projects receive 24 months for construction and occupancy completion, while all other projects receive 14-15 months

Replaces the previous 8-month expenditure deadline with specific construction completion and occupancy milestones, while retaining the director's discretion to grant extensions upon good faith review