AB 2788: California School Employee Housing Assistance Grant Program.

Existing law establishes the Department of Housing and Community Development and requires it to administer various housing programs.

This bill would require the department to administer a program to provide financing assistance for the creation of affordable rental housing and downpayment assistance for employees of a qualified school district, as defined. The bill would require financing of rental housing assistance be in the form of specified types of loans. The bill would require downpayment assistance to only be provided to school district employees purchasing a single-family, one-unit residence of a specified value, and would require the department comply with specified requirements in providing that assistance. The bill would require the department department, when making loans to qualified developers under these provisions provisions, to use a project selection process that meets specified requirements. The bill would create in the State Treasury the California School Employee Housing Assistance Fund for these purposes, and would make implementation of these provisions subject to appropriation by the Legislature for that purpose. Legislature.