California Housing Finance Agency: federal loan guarantee.

Existing law establishes the California Housing Finance Agency which has the primary purpose of meeting the housing needs of persons and families of low or moderate income and authorizes the agency to make grants to housing sponsors for this purpose. The agency is required to seek to attain, among other things, the objective of full utilization of federal subsidy assistance for the benefit of person and families of low or moderate income. Existing law requires the agency to be a state representative for purposes of receiving and allocating financial aid and contributions from agencies of the federal government which are provided to the state or to the agency for the purpose of subsidizing housing for persons and families of low or moderate income. This bill would authorize the agency to utilize federal subsidies available to it to issue loan guarantees provided by the United States Department of Housing and Urban Development. The bill would authorize the agency to make loan guarantees, in addition to grants, to nonprofit housing sponsors and local public entities, as specified. The bill would require the loan guarantee assistance provided by the department be allocated by and in conjunction with the award of a tax credit for low-income rental housing by the California Tax Credit Allocation Committee. The bill would make other conforming changes to existing law.