Housing finance: Mixed Income Revolving Loan Program.

Existing law establishes the California Housing Finance Agency within the Department of Housing and Community Development, and authorizes the agency to, among other things, make loans to finance affordable housing, including residential structures, housing developments, multifamily rental housing, special needs housing, and other forms of housing, as specified. This bill would establish, upon appropriation by the Legislature, the Mixed Income Revolving Loan Program within the agency to provide zero-interest construction loans to qualifying residential, infill housing developers for purposes of constructing deed-restricted affordable housing. The bill would require the agency to administer the program pursuant to specified requirements, including that any loans provided under the program be for the development of multifamily housing projects where a portion of the housing units in the project are set aside to ensure affordability, as specified. The bill would require the agency to be the administrator of the program and to promulgate rules and regulations deemed necessary for the administration and implementation of its provisions.