AB 984, as amended, 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
begin delete housing finance agencies, single-family mortgage lending,end delete 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
5consisting of 13 voting members, including a chairperson selected
6by the Governor from among his or her appointees. The Treasurer,
7the Secretary of Business, Consumer Services, and Housing, the
8Director of Housing and Community Development, and the
9Secretary of Veterans Affairs, or their designees, shall be members,
10in addition to seven members appointed by the Governor, one
11member appointed by the Speaker of the Assembly, and one
12member appointed by the Senate Committee on Rules. The Director
13of Finance, the Director of Planning and Research, and the
14executive director of the agency shall serve as nonvoting ex officio
15members 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 seven appointees
24from among the following categories: (1) an elected official of a
25city or county engaged in the planning or implementation of a
26housing, housing-assistance, or housing-rehabilitation program;
27(2) a person experienced in residential real estate in the savings
28and loan, mortgage banking, or commercial banking industry; (3)
29a person experienced as a builder of residential housing; (4) a
30person experienced in organized labor in the residential
31construction industry; (5) a person experienced in the management
32of rental or cooperative housing occupied by lower income
33households; (6) a person experienced in manufactured housing
34finance and development; and (7) a person representing the public.
35Not more than one person from each category may serve on the
36board at any one time, except that two members may be appointed
37by 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 shall
6be a resident of a rural or nonmetropolitan area.
7(e) At least one of the members appointed by the Governor shall
8have specific knowledge of
begin delete housing finance agencies, single-family bonds and related financial instruments, interest
9mortgage lending,end delete
10rate swaps, and risk management.
11(f) The Senate Committee on Rules and the Speaker of the
12Assembly shall each appoint a person representing the public.
13The term of members of the board shall be six years. Any person
14appointed to fill a vacancy on the board shall serve only for the
15remainder of the unexpired term. Members of the board shall,
16subject to continued qualification, be eligible for reappointment.
17If a member of the board ceases to meet the qualifications specified
18in this section, the membership of that person on the board shall
Section 51502 of the Health and Safety Code is
21amended to read:
The purpose of the California Homebuyer’s
23Downpayment Assistance Program is to assist first-time low- and
24moderate-income homebuyers using existing mortgage financing.