California Student Housing Revolving Loan Fund Act of 2022.

Assembly Member Haney's amendment to California's Student Housing Revolving Loan Fund Act introduces new flexibility for public universities and colleges to construct affordable housing in urban centers. The legislation permits qualifying institutions to use up to 20% of their zero-interest loan allocations for building student, faculty, and staff housing on institution-owned property within city centers and cultural districts.

The fund, which provides $200 million for 2023-24 and anticipates $300 million annually through 2028-29, maintains its existing allocation formula of 75% for University of California and California State University applicants and 25% for community colleges. The amendment preserves the mechanism allowing redistribution of unused funds between segments upon approval from the Joint Legislative Budget Committee, which can occur 12 months after the fiscal year appropriation.

Under the fund's continuous appropriation structure, the State Treasurer retains authority to pledge monies as security for bond issuances and invest unused portions in eligible securities or the Surplus Money Investment Fund. All investment returns must be deposited back into the revolving fund to maintain its lending capacity for future housing projects.