California Health and Safety Code

§ 53545

HSC § 53545 Effective Jun 20, 2014Div. 31 · Part 12 · Ch. 2

Statute text

The Housing and Emergency Shelter Trust Fund of 2006 is hereby created in the State Treasury. The Legislature intends that the proceeds of bonds deposited in the fund shall be used to fund the housing-related programs described in this chapter over the course of the next decade. The proceeds of bonds issued and sold pursuant to this part for the purposes specified in this chapter shall be allocated in the following manner:

(a)(1) One billion five hundred million dollars ($1,500,000,000) to be deposited in the Affordable Housing Account, which is hereby created in the fund. Notwithstanding Section 13340 of the Government Code, the money in the account shall be continuously appropriated in accordance with the following schedule:

(A)(i) Three hundred forty-five million dollars ($345,000,000) shall be transferred to the Housing Rehabilitation Loan Fund to be expended for the Multifamily Housing Program authorized by Chapter 6.7 (commencing with Section 50675) of Part 2. The priorities specified in Section 50675.13 shall apply to the expenditure of funds pursuant to this clause.

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Legislative history

Amended by Stats. 2014, Ch. 28, Sec. 60. (SB 854) Effective June 20, 2014. Note: This section was added by Stats. 2006, Ch. 27, and approved in Prop. 1C on Nov. 7, 2006.