Multifamily housing development: offsite housing factories: backstop financing.

Removed the entire Health and Safety Code Chapter 10.5 (Sections 50310-50313), which would have established a parallel version of the program under the California Housing Finance Agency. All program authority is now consolidated in the Government Code chapter administered by the Infrastructure and Economic Development Bank.

The credit backstop coverage percentage was filled in at 90 percent of the payment or performance bond value, replacing a previously blank figure that had been left to be determined later.

Removed the definition of 'Agency' (California Housing Finance Agency) and all references to CHFA as an implementing body. The bank is now the sole authorized entity for providing credit backstops.

A new Chapter 7 (Sections 63089.100-63089.103) was added to Division 1 of Title 6.7 of the Government Code, establishing the Multifamily Backstop Financing Program under the California Infrastructure and Economic Development Bank (C-IEDB). This means C-IEDB can now provide credit backstops to surety companies for offsite housing factories, in addition to CHFA.

The program is now established under two agencies: C-IEDB (Government Code) and CHFA (Health and Safety Code). The prior version only placed the program under CHFA in the Health and Safety Code. Both versions retain identical program mechanics (credit backstops for payment/performance bonds, tail risk reduction, two-thirds residential requirement).

The nonsubstantive amendment to Section 50401 of the Health and Safety Code (regarding the Director of Housing and Community Development's appointment and salary) was removed from the bill.

Assembly Members Mark Gonzalez, Hoover, and Quirk-Silva were added as coauthors. The fiscal committee designation changed to 'yes'.

Added an entirely new Chapter 10.5 (Sections 50310-50313) to Part 1 of Division 31 of the Health and Safety Code, establishing the Multifamily Backstop Financing Program. The original bill only made a nonsubstantive word change to Section 50401.

Added extensive legislative findings explaining that California's offsite housing manufacturing sector is stuck in a cycle where factories cannot get surety bonds due to limited operating history, nontraditional assets, and volatile cash flow, which prevents them from winning projects and building track record.

Established a new program contingent on legislative appropriation. The California Housing Finance Agency would provide credit backstops covering an unspecified percentage (blank) of payment or performance bond value, at agency discretion. Fiscal committee review changed from 'no' to 'yes.'

Added definitions for: Agency (California Housing Finance Agency), Program, Qualified applicant (surety company or insurer issuing construction bonds), Qualified factory (offsite housing factory in the state delivering obligations for qualified multifamily projects), Qualified multifamily project (at least two-thirds of square footage residential), and Tail risk.

Credit backstops may only be issued to qualified applicants if used to issue payment or performance bonds to qualified factories on qualified multifamily projects. Backstops must not replace surety underwriting and may only reduce tail risk. The agency must adopt implementing rules and regulations.

Assembly Member Wicks added as principal coauthor. The original technical amendment to Section 50401 (removing one instance of 'shall') is retained but renumbered within the expanded bill structure.