S.F. No. 3700 Summary

• Establishes new categories of residential rental projects eligible for housing bond allocations: preservation projects, 30 percent AMI projects, 50 percent AMI projects, 100 percent LIHTC projects, and 20 percent LIHTC projects, each with specific income and rent restriction requirements.

• Sets aggregate bond limitation at 55 percent of reasonably expected aggregate basis for residential rental projects and associated land.

• Changes several key deadlines from July 15 to June 30 and from August 1 to July 1 for bond allocation pool transfers and availability notices.

• Creates priority allocation order for residential rental projects in the housing pool: preservation projects first, followed by 30 percent, 50 percent, 100 percent LIHTC, and 20 percent LIHTC projects.

• Extends issuance deadlines for residential rental project bonds to 180 days (or 18 months with additional deposit), and establishes tiered deposit refunds for early return of allocations.