Housing bonds.

Existing law, the Housing and Emergency Shelter Trust Fund Act of 2006, authorizes the issuance of bonds to finance various housing programs, capital outlay related to infill development, brownfield cleanup that promotes infill development, housing-related parks, and transit-oriented development programs. The act establishes the Housing and Emergency Shelter Trust Fund of 2006 in the State Treasury and requires the sum of $1,500,000,000 to be deposited in the Affordable Housing Account, which the act establishes in the fund. The act continuously appropriates the money in the account in accordance with a specified schedule that requires, among other things, the transfer of the sum of $100,000,000 to the Affordable Housing Innovation Fund, which the act establishes in the State Treasury, to be administered by the Department of Housing and Community Development. Existing law requires the funds in the Affordable Housing Innovation Fund to be allocated in the amount of $50,000,000 for the Affordable Housing Revolving Development and Acquisition Program, of which $25,000,000 would be made available to the Loan Fund and $25,000,000 would be made available to the Practitioner Fund; $5,000,000 for the Construction Liability Insurance Reform Pilot Program; $35,000,000 for a local housing trust fund matching grant program established under a specified provision of existing law; and $10,000,000 for the Innovative Homeownership Program. This bill would repeal the provisions relating to the Practitioner Fund and make conforming changes. This bill would delete the provisions establishing the Construction Liability Insurance Reform Pilot Program. The bill would delete the provisions that require $50,000,000 be allocated from the fund to the Affordable Housing Revolving Development and Acquisition Program, and, instead, require that $25,000,000 be allocated from the fund to the Affordable Housing Revolving Development and Acquisition Program. The bill would transfer $30,000,000 from the fund to a newly created subaccount within the Housing Rehabilitation Loan Fund, and would continuously appropriate those funds to the department for the Multifamily Housing Program, as specified.