Existing law establishes the Department of Housing and Community Development and requires it to administer various programs intended to promote the development of housing, including the Multifamily Housing Program, pursuant to which the department provides assistance in the form of deferred payment loans to pay for the eligible costs of development of specified types of housing projects, as provided.
This bill would establish the Affordable Housing Risk Reduction Program, administered by the department, to provide technical assistance and supportive resources to affordable housing providers to help them mitigate risk in their portfolio and secure more affordable insurance options. Upon appropriation, the bill would require the department to provide affordable housing providers technical assistance and support and resources through loans or grants, and authorize it to contract with third-party consultants in the development and performance of these functions, as specified.
This bill would require the department, in carrying out the functions of the program, to consult with the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The bill would authorize the department to submit a letter of support for a housing development project that is applying for low-income housing tax credits, as specified. The bill would require the department to adopt emergency regulations to implement the program, as specified.

Statutes affected:
SB 1388: 50060.5 GOV
02/20/26 - Introduced: 50060.5 GOV
06/11/26 - Amended Assembly: 50060.5 GOV
SB1388: 50060.5 GOV