54054.
(a) The Affordable Housing Bond Act Trust Fund of 2024 is hereby created within the State Treasury. It is the intent of the Legislature that the proceeds of bonds, exclusive of refunding bonds issued pursuant to Section 54076, be deposited in the fund and used to fund affordable rental housing and homeownership programs.(b) 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:
(1) Five billion two hundred fifty million dollars ($5,250,000,000) to be deposited in the Housing Rehabilitation Loan Fund
established pursuant to Section 50661 to be used for the Multifamily Housing Program authorized by Chapter 6.7 (commencing with Section 50675) of Part 2. At least 10 percent of assisted units in each development receiving these funds shall be affordable to extremely low income households.
(2) One billion seven hundred fifty million dollars ($1,750,000,000) to be deposited in the Housing Rehabilitation Loan Fund established pursuant to Section 50661 to be used for supportive housing, as defined in Section 50675.14, pursuant to the Multifamily Housing Program authorized by Chapter 6.7 (commencing with Section 50675) of Part 2. The department shall offer capitalized operating subsidy reserves for supportive housing units in developments receiving these funds.
(3) One billion five
hundred million dollars ($1,500,000,000), to be appropriated by the Legislature, to preserve or rehabilitate existing subsidized or unsubsidized rental housing through the following programs:
(A) The program commonly known as the Portfolio Reinvestment Program established pursuant to Chapter 5.5 (commencing with Section 50606) of Part 2.
(B) The Energy Efficiency Low-Income Weatherization Program established pursuant to Section 12087.5 of the Government Code.
(C) A program, to be administered by the Department of Housing and Community Development, to fund the acquisition and rehabilitation of unrestricted housing units and attach long-term affordability restrictions on the housing units, while safeguarding against
the displacement of current residents. It is the intent of the Legislature that the specific criteria establishing eligibility for and use of the funds shall be established in statute.
(4) One billion dollars ($1,000,000,000), to be appropriated by the Legislature, to provide homeownership opportunities through the following programs:
(A) The CalHome Program established pursuant to Chapter 6 (commencing with Section 50650) of Part 2.
(B) The home purchase assistance program established pursuant to Chapter 6.8 (commencing with Section 51341) of Part 3.
(5) Five hundred million dollars ($500,000,000), to be appropriated by the Legislature, for the following programs:
(A) The Joe Serna, Jr. Farmworker Housing Grant Program pursuant to Chapter 3.2 (commencing with Section 50515.2) of Part 2.
(B) A dedicated, flexible, and comprehensive state program designed for, and in consultation with, tribes, which shall be administered by the Department of Housing and Community Development, to finance housing and housing-related activities that will enable tribes to rebuild and reconstitute their communities. It is the intent of the Legislature that the specific criteria establishing eligibility for and use of the funds shall be established in statute.
54056.
(a) The Legislature may, from time to time, amend any law related to programs to which funds are, or have been, allocated pursuant to this chapter for the purposes of improving the efficiency and effectiveness of those programs or to further the goals of those programs.(b) The Legislature may amend this chapter in order to reallocate the proceeds of bonds issued and sold pursuant to this part among the programs to which funds are to be allocated pursuant to this chapter as necessary to effectively promote the development of affordable housing in this state.
(c) The Department of Housing and Community Development may disburse any funds made available to housing development projects pursuant to this chapter during the construction period.