CA SB750

Establishes the California Housing Finance and Credit Act (CAHFCA) to create a credit enhancement and insurance program for affordable housing construction loans and permanent loans, administered by the California Housing Finance Agency

Creates the California Housing Finance and Credit Fund in the State Treasury with continuously appropriated moneys to insure loans and cover administrative expenses, funded by premium charges of up to 2% on insured loans

Requires developments receiving credit enhancements to have regulatory agreements with state housing agencies ensuring affordability for at least 55 years for rentals or 45 years for homeownership units, serving lower and moderate-income households

Authorizes the state to issue debentures backed by the General Fund guarantee to pay lenders in case of borrower defaults, with the agency empowered to acquire, manage, and sell foreclosed properties

Requires annual program reports and agreed-upon procedures engagements from the agency, plus biannual Legislative Analyst's Office reports on program effectiveness; the act only takes effect if voters approve an accompanying Senate Constitutional Amendment