California Health and Safety Code

§ 51531

HSC § 51531 Effective Sep 27, 2022Div. 31 · Part 3 · Ch. 13

Statute text

(a)The agency shall convene a working group to develop recommendations for the purposes of the program. The purpose of the program is to assist homeowners in qualifying for loans to construct accessory dwelling units and junior accessory dwelling units on their property and to increase access to capital for homeowners interested in building accessory dwelling units.

(1)The working group shall include, but not be limited to, representatives from federal mortgage agencies, private lenders, community development financial institutions, community-based organizations, local housing trust funds, joint powers authorities, regional housing finance authorities, and credit unions.

(2)The working group shall explore the feasibility of different options to increase program utilization, including, but not limited to, a loan loss reserve or other credit enhancements to encourage lending, and different loan products such as renovation loans, bridge loans, and second mortgages.

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Legislative history

Added by Stats. 2022, Ch. 570, Sec. 11. (AB 157) Effective September 27, 2022.