Special Fund for Economic Uncertainties: rental housing: elderly persons.

Existing law establishes the Special Fund for Economic Uncertainties, a continuously appropriated fund, and requires the Controller to transfer as necessary from that fund to the unappropriated balance of the General Fund an amount necessary to eliminate any General Fund deficit as of the end of each fiscal year. Existing law also continuously appropriates moneys in the Special Fund for Economic Uncertainties to the Director of Finance for the purpose of allocating funds for disaster relief, as specified. Existing law establishes the Housing Rehabilitation Loan Fund, which is continuously appropriated to the Department of Housing and Community Development for, among other things, making deferred payment rehabilitation loans for financing all or a portion of the cost of rehabilitating existing housing to meet prescribed rehabilitation standards. This bill would require the Controller to annually transfer from the Special Fund for Economic Uncertainties to the Housing Rehabilitation Loan Fund the sum of $100,000,000, to be used for the construction, rehabilitation, or acquisition and rehabilitation of multifamily rental housing developments for elderly persons or households, as defined, thereby making an appropriation.