Student, faculty, and staff housing: California Student Housing Revolving Loan Fund Act of 2022.

Existing law establishes the California Community Colleges, under the administration of the Board of Governors of the California Community Colleges, the University of California, under the administration of the Regents of the University of California, and the California State University, under the administration of the Trustees of the California State University, as the 3 segments of public postsecondary education in this state. Existing law establishes the California School Finance Authority, and authorizes the authority to issue revenue bonds to finance projects for a single or several participating parties, defined to include a community college district that undertakes the financing or refinancing of a project. Existing law, the California Educational Facilities Authority Act, authorizes the California Educational Facilities Authority, among other things, to develop student housing on or near public institutions of higher education through the use of agreements with participating nonprofit entities. This bill would establish the California Student Housing Revolving Loan Fund Act of 2022 to provide zero-interest loans to qualifying applicants of the University of California, the California State University, and the California Community Colleges for the purpose of constructing affordable student housing and affordable faculty and staff housing, as specified. The bill would establish the California Student Housing Revolving Fund as a continuously appropriated fund in the State Treasury, thereby making an appropriation. The bill would state the intent of the Legislature to appropriate $5,000,000,000 for purposes of the housing loans. The bill would require the California School Finance Authority and the California Educational Facilities Authority to submit a report, by March 15, 2024, to the Department of Finance and the budget committees of the Assembly and Senate containing information on the act, as provided. The bill would apply certain provisions of the California Educational Facilities Authority Act to the University of California and the California State University for purposes of housing projects, as defined. This bill would declare that it is to take effect immediately as an urgency statute.