Affordable housing: home purchase assistance.

Existing law establishes the California Homebuyer's Downpayment Assistance Program, which requires the California Housing Finance Agency to, among other things, administer a program that provides downpayment assistance, including deferred-payment, low-interest, junior mortgage loans to reduce principal and interest payments, that makes financing affordable to first-time low- and moderate-income home buyers, pursuant to specified terms. This bill would appropriate $10,000,000 from the General Fund to the California Homebuyer's Downpayment Assistance Program for the purposes of the downpayment assistance program described above. The bill would condition the application of these funds on an additional requirement that the home for which assistance is provided be in a development project that is in a designated infill site, close to public transit, and that is located in a city, county, or city and county that reduces developer or impact fees or reduces or removes regulatory barriers to housing construction for the development project, as specified. As part of this additional requirement, the bill would require a local agency to provide verification of the local agency's schedule of local fees, charges, and other exactions to the California Housing Finance Agency and would thereby impose a state-mandated local program. The bill would make these moneys available for the general use of the California Housing Finance Agency for the purposes of the California Homebuyer's Downpayment Assistance Program if specified requirements are met. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to these statutory provisions.