California Infrastructure and Economic Development Bank.

The Bergeson-Peace Infrastructure and Economic Development Bank Act authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to, among other things, make loans, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects. The act defines terms for its purposes and establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for support of the bank. This bill would expand the authority of the bank by adding affordable housing, as defined, to the types of projects to which the bank is authorized to provide financial assistance. By expanding the banks's authority to expend funds in a continuously appropriated fund, the bill would make an appropriation. This bill would also make conforming, nonsubstantive changes to cross-references to this provision.