AB 2166: Multifamily housing development: offsite housing factories: backstop financing.
- Session Year: 2025-2026
- House: Assembly
- Latest Version Date: 2026-04-27
Current Status:
In Progress
(2026-05-21: In Senate. Read first time. To Com. on RLS. for assignment.)
Introduced
In Committee
First Chamber
In Committee
Second Chamber
Enacted
The Bergeson-Peace Infrastructure and Economic Development Bank Act creates within the Governors Office of Business and Economic Development the California Infrastructure and Economic Development Bank (bank) and requires it to administer the act, which, among other things, provides for the financing of certain economic development projects.
This bill would establish, upon appropriation by the Legislature, the Multifamily Backstop Financing Program (program), for purposes of supporting multifamily projects through the provision of state-backed credit backstops that would enable surety companies to issue payment and performance bonds to qualified offsite housing factories in the state. The bill would authorize the agency bank to provide credit backstops to surety companies and surety insurers that issue construction bonds according to specified parameters. The bill would require the agency bank to adopt rules and regulations necessary to implement the program. The bill would state that it is the Legislatures intent to include provisions relating to the prioritization and review of applications received pursuant to this chapter. received.
Discussed in Hearing
2MINAssembly Floor
10MIN