California Infrastructure and Economic Development Bank: public and economic development facilities: housing.

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 projects that qualify as public development or economic development facilities. The act defines "public development facilities" for these purposes to mean real and personal property, structures, conveyances, equipment, thoroughfares, buildings, and supporting components thereof, excluding any housing, that are directly related to providing, among other things, housing-related infrastructure, as specified. The act defines "economic development facilities" for these purposes to mean real and personal property, structures, buildings, equipment, and supporting components thereof that are used to provide industrial, recreational, research, commercial, utility, goods movement, or service enterprise facilities, community, educational, cultural, or social welfare facilities and any parts or combinations thereof, and all necessary facilities or infrastructure, excluding any housing. Existing law establishes the California Infrastructure and Economic Development Bank Fund and continuously appropriates the money in the fund to the bank for purposes of the act. This bill would authorize economic development facilities and public development facilities to include housing if the housing meets certain financing requirements and limits, as specified. Existing law authorizes the bank, in order to provide or arrange for the financing of economic development facilities to, among other actions, issue tax-exempt revenue bonds, in accordance with certain conditions. This bill would prohibit the proceeds of private activity bonds issued by the bank under any state allocation from being used to finance any housing. Existing law requires the bank, with respect to financing economic development facilities, to utilize existing local economic development networks to identify projects and to prepare a plan, in consultation with local economic development networks and organizations and representatives, as specified. This bill would require housing financed pursuant to these provisions to meet specified conditions. The bill, among other conditions, would provide that any housing financed as part of an economic development facility be required for the operation of the facility, would prohibit funds from the Infrastructure State Revolving Loan Program from being used to finance any housing component of an economic development facility, and would limit housing finance costs from representing more than a certain percentage of the overall project costs financed by the bank. The bill, with respect to public development facilities, would also require any housing financed to meet specified conditions, including prohibiting tax-exempt revenue bonds issued by the bank from financing any housing component of a public development facility, and prohibiting funds from the Infrastructure State Revolving Loan Program from being used to finance any housing component of a public development facility. By authorizing an additional type of expenditure from the California Infrastructure and Economic Development Bank Fund, the bill would make an appropriation.