BILL NUMBER: AB 2293	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MAY 28, 2010
	AMENDED IN ASSEMBLY  APRIL 20, 2010
	AMENDED IN ASSEMBLY  APRIL 5, 2010

INTRODUCED BY   Assembly Member Torres

                        FEBRUARY 18, 2010

   An act relating to housing  , and declaring the urgency
thereof, to take effect immediately  .


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2293, as amended, Torres. Housing: construction loans.
   Existing law establishes the Multifamily Housing Program, the Joe
Serna, Jr. Farmworker Housing Grant Program, and the Transit-Oriented
Development Implementation Program, administered by the Department
of Housing and Community Development, which provide assistance for
multifamily housing, farmworker housing, and development of high
density uses within close proximity to transit stations,
respectively.
   This bill would authorize the department, until June 30, 2013, and
for purposes of loan awards made pursuant to these programs, to
contract with a construction lender to make permanent loan funds
available and to reserve or set aside funds for a project as of the
date of closing of the construction loan, as specified. The bill
would authorize the department to charge a fee sufficient to cover
the cost of performing duties associated with implementing these
provisions. 
   This bill would declare that it is to take effect immediately as
an urgency statute. 
   Vote:  majority   2/3  . Appropriation:
no. Fiscal committee: yes. State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  (a) This section shall apply to loan awards made
pursuant to all of the following programs:
   (1) The Multifamily Housing Program authorized by Chapter 6.7
(commencing with Section 50675) of Part 2 of Division 31 of the
Health and Safety Code.
   (2) The Joe Serna, Jr. Farmworker Housing Grant Program authorized
by Section 50517.5 of the Health and Safety Code, including, but not
limited to, subdivision (c) of Section 50517.10 of the Health and
Safety Code.
   (3) The Transit-Oriented Development Implementation Program
authorized by Part 13 (commencing with Section 53560) of Division 31
of the Health and Safety Code.
   (b) The Department of Housing and Community Development may, until
June 30, 2013, do both of the following with funds available to the
programs specified in subdivision (a):
   (1) Contract with a construction lender to make permanent loan
funds available for a project during the construction period, in
which case the department shall, in conjunction with the construction
lender, engage a construction inspector or utilize the reports of
the construction inspector engaged by the lender.
   (2) Reserve or set aside funds for a project as of the date of
closing of the construction loan. The department shall establish a
procedure for determining which projects qualify to have funds placed
into escrow.
   (c) (1) The department may not exercise its authority pursuant to
this section for any project that received an award after December
18, 2008, until the department has received or obtained access to
bond funds sufficient to fund all projects within the same class of
tax-exempt or taxable bond projects that received an award prior to
December 18, 2008.
   (2) If the department exercises its authority pursuant to this
section, it shall provide the loans and funds specified in paragraphs
(1) and (2) of subdivision (b) to program awardees in the order in
which they received their awards.
   (3) The department may charge a fee sufficient to cover the cost
of performing the duties associated with the implementation of this
section.
   SEC. 2.    This act is an urgency statute necessary
for the immediate preservation of the public peace, health, or safety
within the meaning of Article IV of the Constitution and shall go
into immediate effect. The facts constituting the necessity are:
 
   In order to expedite the construction of housing projects funded
with housing bond funds and stimulate the creation of construction
and permanent jobs, it is necessary that this act take immediate
effect.