California Housing Finance Agency: financing agreements: affordable rental housing for school employees.

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 authorizes the agency to make, or undertake commitments to make, loans to housing sponsors to finance certain types of housing developments and residential structures, as provided, and requires the agency to enter into regulatory contracts and other agreements with housing sponsors receiving these loans. Existing law, the Teacher Housing Act of 2016, authorizes school districts to establish and implement programs that address the housing needs of teachers and school district employees who face challenges in securing affordable housing. This bill would specifically authorize the agency to enter into financing agreements with school districts, and developers that have partnered with school districts, for the creation of affordable rental housing, as defined, for school district employees, including teachers. The bill would require that payment on a loan provided pursuant to these provisions be deferred until the affordable rental housing financed by that loan is put into service and the school district begins collecting rent from the occupants of that affordable rental housing. Existing law establishes the California Housing Finance Fund and continuously appropriates all money in the fund to the agency for purposes of financing the various programs that it administers. Existing law requires that all moneys accruing to the agency pursuant to specified provisions, including proceeds from revenue bonds and taxable securities issued by the agency, be deposited in the fund. This bill, notwithstanding these provisions, would make funds available for its purposes only upon appropriation by the Legislature.