Bills

SB 482: Multifamily Housing Program: supportive housing: capitalized operating reserves.

  • Session Year: 2023-2024
  • House: Senate

Current Status:

Passed

(2023-10-11: Chaptered by Secretary of State. Chapter 780, Statutes of 2023.)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Enacted

Version:

Existing law establishes the Department of Housing and Community Development and requires it to administer various programs intended to promote the development of housing, including the Multifamily Housing Program, pursuant to which the department provides financial assistance in the form of deferred payment loans to pay for the eligible costs of development of specified types of housing projects. Existing law establishes eligible cost categories for the Multifamily Housing Program, which include capitalized reserves for replacement and operation. In this regard, existing law authorizes the department to allow capitalized operating reserves to be used for rent subsidies for assisted units, as specified.

This bill would specify that the department may allow capitalized operating reserves to be used for eligible projects, and that assisted units may include, but not be limited to, supportive housing units, as defined. To determine project eligibility for capitalized operating reserves, the bill would authorize the department to consider specified factors, including the availability of funds and the individual financial needs of the project. The bill would require the department to offer capitalized operating reserves to supportive housing units after developers have sought capitalized reserves from other potential funding sources.

Discussed in Hearing

Senate Floor2MIN
Sep 14, 2023

Senate Floor

Assembly Floor1MIN
Sep 13, 2023

Assembly Floor

Assembly Standing Committee on Housing and Community Development3MIN
Jun 28, 2023

Assembly Standing Committee on Housing and Community Development

Senate Standing Committee on Housing5MIN
Apr 18, 2023

Senate Standing Committee on Housing

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