TO: BOARD OF SUPERVISORS
FROM: Executive Office
MEETING DATE: September 10, 2024
DEPARTMENT CONTACT:
Darcie Antle
PHONE:
707-463-4441
DEPARTMENT CONTACT:
Kelly Hansen
PHONE:
707-463-4441
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Ratification of a Letter of Support for Senate Bill 1032 (Padilla) Housing Finance: Portfolio Restructuring: Loan
End
RECOMMENDED ACTION/MOTION:
recommendation
Ratify letter of support for Senate Bill 1032 (Padilla) Housing Finance: Portfolio Restructuring: Loan.
End
PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
No previous action.
SUMMARY OF REQUEST:
Current law establishes various rental housing finance programs administered by the Department of Housing and Community Development. Current law authorizes the department to monitor and fund various multifamily housing loans. With respect to these programs and loans, existing law authorizes the department to approve an extension of a department loan, the reinstatement of a qualifying unpaid matured loan, the subordination of a department loan to new debt, or an investment of tax credit equity pursuant to specified rental housing finance programs and multifamily housing loans administered, monitored, or funded by the department, subject to specified requirements. This bill would additionally authorize the department to forgive the full amount of the principal, interest, fees, and other outstanding balances of the above-described loans if the borrower makes specified showings.
ALTERNATIVE ACTION/MOTION:
Do not ratify letter of opposition and support.
STRATEGIC PLAN PRIORITY DESIGNATION: A Thriving Economy
SUPERVISORIAL DISTRICT: ALL
VOTE REQUIREMENT: Majority
SUPPLEMENTAL INFORMATION AVAILABLE ONLINE AT: Bill Text - SB-1032 Housing finance: portfolio restructuring: loan forgiveness. (ca.gov)
FISCAL DETAILS:
SOURCE OF FUNDING: N/A
CURRENT F/Y COST: N/A
BUDGET CLARIFICATION: N/A
ANNUAL RECURRING COST: N/A
BUDGETED I...
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