Housing Finance: Coordinated Housing Finance Committee.

Existing law establishes the Business, Consumer Services, and Housing Agency in state government, consisting of, among other entities, the Department of Housing and Community Development (HCD) . Existing law requires HCD to administer various programs intended to promote the development of housing, including the Multifamily Housing Program, pursuant to which HCD provides financial assistance in the form of deferred payment loans to pay for the eligible costs of development for specified activities. Existing law also establishes the California Housing Finance Agency (CalHFA) within HCD with the primary purpose of meeting the housing needs of persons and families of low or moderate income. Existing law also establishes the California Tax Credit Allocation Committee (CTCAC) , composed of specified members, and requires that CTCAC, among other things, allocate specified federal low-income housing tax credits, as provided. Existing law establishes in state government the offices of the Treasurer and Controller. This bill would establish the Coordinated Affordable Housing Finance Committee and would require that the committee be comprised of representatives from HCD, CalHFA, CTCAC, the Treasurer, and the Controller. This bill would require the committee to allocate state-controlled resources for the finance of affordable rental housing, as defined, through a single process and competition. This bill would require the committee to develop an application, threshold requirements, a rating and ranking system, as specified, for applicants seeking these resources. This bill would authorize the committee to adopt, amend, or repeal rules and regulations for the allocation of state-controlled resources for the finance of affordable rental housing that take effect immediately upon adoption. This bill would provide that the adoption, amendment, or repeal of these rules and regulations is not subject to the rulemaking provisions of the Administrative Procedure Act but would require the committee to follow specified procedures pursuant to the adoption of the rules and regulations. This bill would also authorize the committee to adopt, amend, or repeal emergency rules and regulations to implement this chapter that are exempt from the rulemaking provisions of the Administrative Procedures Act, as specified.