Housing: code compliance: low-interest loans.

Existing law authorizes local agencies, upon making specified findings, to provide low-interest loans to owners of buildings within their jurisdiction for the purpose of making seismic safety upgrades to eligible buildings, as defined, in order to meet current earthquake safety codes. Existing law authorizes these local entities to issue bonds in order to finance these loans which are secured by a lien on the subject property. This bill would appropriate the sum of $20,000,000 from the General Fund to the Department of Housing and Community Development to provide financing to local agencies for the purpose of funding low-interest loans made by those agencies to building owners, who meet specified eligibility requirements, in order to rehabilitate eligible buildings, as defined, and bring them up to current building standards for occupancy. The bill would provide that financing under this program, along with other liens on the subject property, could not exceed 80% of the appraised value of the property. The bill would make findings and declarations in support of these provisions.