California Student Housing Revolving Loan Fund Act of 2022: state fund loan.

Under existing law, the California Student Housing Revolving Loan Fund Act of 2022 (loan act) , the California School Finance Authority or the California Educational Facilities Authority, as applicable, 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 provided. Existing law establishes the California Student Housing Revolving Loan Fund as a continuously appropriated fund in the State Treasury. Existing law requires the Pooled Money Investment Board to determine whether moneys on deposit in the State Treasury, exclusive of the General Fund and other specified funds, is not necessary for immediate use and, if so, to determine the amount which is then designated as surplus moneys. Existing law creates the Surplus Money Investment Fund and requires the Controller to transfer surplus moneys to it, provided that moneys from a special fund are not to be transferred if that will interfere with carrying out the purposes that the special fund supports. Existing law requires that moneys in the Surplus Money Investment Fund be invested by the Treasurer as part of the Pooled Money Investment Account. Under existing law, moneys in the Surplus Money Investment Fund are continuously appropriated. This bill would require, upon appropriation by the Legislature, as described, the Controller to transfer $200,000,000 in the 2024–25 fiscal year to the California Student Housing Revolving Loan Fund from the Surplus Money Investment Fund and other funds in the Pooled Money Investment Account that accrue interest to the General Fund as a cash loan, for purposes of funding the program supported by the California Student Housing Revolving Loan Fund. The bill would require the loan principal and interest to be fully repaid on or before June 30, 2035, as described. The bill would require that loans made to applicants under the loan act from moneys made available pursuant to the cash loan be repaid at a 3% interest rate.