CA AB913

Authorizes the Department of Housing and Community Development to transfer excess reserves or excess operating income from one rental housing development to another rental housing development owned by the same sponsor or affiliate, when both are subject to department regulatory agreements

Allows the department to waive payment of residual receipts or minimum annual loan payments required under regulatory agreements to improve the fiscal integrity of developments financed with departmental resources

Defines "excess operating income" as annual net operating income exceeding 1.15 times the total required annual debt service payments, provided the owner demonstrates sufficient net operating income over a 15-year period

Defines "excess reserves" as replacement, operating, or transition reserves that are no longer required or exceed the minimum amount required by department regulatory agreements