Regulatory agreements: compliance monitoring.

Existing law establishes the Department of Housing and Community Development in the Business, Consumer Services, and Housing Agency and makes the department responsible for administering various housing programs throughout the state, including, among others, the Multifamily Housing Program, the Housing for a Healthy California Program, and the California Emergency Solutions Grants Program. Existing law establishes the California Housing Finance Agency within the Department of Housing and Community Development, with the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law establishes the California Tax Credit Allocation Committee, composed of specified members, and requires that the California Tax Credit Allocation Committee, among other things, allocate specified federal low-income housing tax credits, as provided. This bill, on or before July 1, 2024, would require the Department of Housing and Community Development, the California Housing Finance Agency, and the California Tax Credit Allocation Committee to enter into a memorandum of understanding to streamline the compliance monitoring of affordable multifamily rental housing developments that are subject to a regulatory agreement with more than one of these entities. The bill would require the memorandum of understanding to ensure that only one entity conducts physical inspections for a particular project, eliminate the submission of duplicate information, and provide for an aligned process to obtain specified approvals.