AB 984, as introduced, Chau. The California Finance Agency.
Existing law provides that there is the California Housing Finance Agency in the Department of Housing and Community Development administered by an 11-member board of directors that includes various state officers and 6 members appointed by the Governor.
This bill would add the Secretary of Veterans Affairs to the board. The bill would also increase the number of members appointed by the Governor to 7 and require that at least one member appointed by the Governor have specific knowledge of housing finance agencies, single-family mortgage lending, bonds and related financial instruments, interest rate swaps, and risk management.
Existing law, the California Homebuyer’s Assistance Program, requires the agency to administer a downpayment assistance program, as specified.
This bill would make a technical, nonsubstantive change to those provisions.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 50901 of the Health and Safety Code, as
2amended by Section 21 of Chapter 147 of the Statutes of 2012, is
3amended to read:
The agency shall be administered by a board of directors
begin delete 11end delete voting members, including a chairperson
6selected by the Governor from among his or her appointees. The
7Treasurer, the Secretary of Business, Consumer Services, and
begin delete andend delete the Director of Housing and Community
9Development, or their
10designees, shall be members, in addition to
begin delete sixend delete members
11appointed by the Governor, one member appointed by the Speaker
12of the Assembly, and one member appointed by the Senate
13Committee on Rules. The Director of Finance, the Director of
14Planning and Research, and the executive director of the agency
15shall serve as nonvoting ex officio members of the board.
Section 50902 of the Health and Safety Code is
17amended to read:
(a) Appointed members of the board shall be able
19persons broadly reflective of the economic, cultural, and social
20diversity of the state, including ethnic minorities and women.
21However, it is not intended that formulas or specific ratios be
22applied in order to achieve that diversity.
23(b) The Governor shall select four of his or her
begin delete sixend delete
24 appointees from among the following categories: (1) an elected
25official of a city or county engaged in the planning or
26implementation of a housing, housing-assistance, or
27housing-rehabilitation program; (2) a person experienced in
28residential real estate in the savings and loan, mortgage banking,
29or commercial banking industry; (3) a person experienced as a
30builder of residential housing; (4) a person experienced in
31organized labor in the residential construction industry; (5) a person
32experienced in the management of rental or cooperative housing
33occupied by lower income households; (6) a person experienced
34in manufactured housing finance and development; and (7) a person
35representing the public. Not more than one person from each
36category may serve on the board at any one time, except that two
37members may be appointed by the Governor to represent the public.
P3 1(c) The Governor shall also appoint two members who are
2residents of rental or cooperative housing financed by the agency
3or who are persons experienced in counseling, assisting, or
least one of the members appointed by the Governor
6shall be a resident of a rural or nonmetropolitan area.
12 The Senate
begin delete Rulesend delete
Committee and the Speaker of
13the Assembly shall each appoint a person representing the public.
14The term of members of the board shall be six years. Any person
15appointed to fill a vacancy on the board shall serve only for the
16remainder of the unexpired term. Members of the board shall,
17subject to continued qualification, be eligible for reappointment.
18If a member of the board ceases to meet the qualifications specified
19in this section, the membership of that person on the board shall
Section 51502 of the Health and Safety Code is
22amended to read:
The purpose of the California Homebuyer’s
24Downpayment Assistance Program is to assist first-time low- and
begin delete utilizingend delete existing mortgage