Child care: facilities: loans.

Existing law, until funding was repealed, authorized the Department of Housing and Community Development to use moneys from a specified fund for the purpose of making subordinated loans to certain entities for the purchase, development, construction, expansion, or improvement of licensed child care and development facilities. Similarly, until that funding was repealed, the department was required to adopt regulations to implement a microenterprise loan program where loans were available from that fund to local microenterprise loan funds and other lenders who are authorized to relend the moneys to eligible small and large family day care providers, and licensed child care and development facilities that serve up to 35 children. This bill would authorize the department, upon the request of the borrower, to modify the terms of a loan made pursuant to the authorizations described above if the department determines that the borrower has demonstrated hardship, subject to compliance with specified requirements.