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    © 2025 Veeto.
    SB-750
    Housing & Homelessness

    California Housing Finance and Credit Act.

    Engrossed
    CA
    ∙
    2025-2026 Regular Session
    0
    0
    Track
    Track

    Key Takeaways

    • Establishes a state credit enhancement program to stimulate private investment in affordable housing construction.
    • Creates a dedicated state fund to insure construction and permanent loans for affordable housing projects.
    • Authorizes the California Housing Finance Agency to insure loans with premium charges capped at 2 percent.
    • Requires annual oversight reports and limits program authorization to prevent excessive financial risk.

    Summary

    Senator Cortese's California Housing Finance and Credit Act establishes a state-backed credit enhancement program to stimulate private investment in affordable housing construction. The program, administered by the California Housing Finance Agency, would provide loan insurance and credit enhancements for both construction and permanent financing of affordable housing developments starting January 2027.

    The legislation creates the California Housing Finance and Credit Fund to support these credit enhancements through premium charges of up to 2% on insured loans. The fund would operate without direct state cost, with monies continuously appropriated for insurance activities and administrative expenses. To maintain fiscal stability, the Governor must set annual limits on the agency's loan insurance authority through the budget process.

    Under the program, developers seeking credit enhancements must meet specific eligibility criteria, including maintaining long-term affordability through regulatory agreements or equivalent commitments. The agency holds broad authority to manage defaults through property acquisition, loan modification, or direct intervention to cure borrower defaults. All debentures issued under the program carry the state's full faith and credit guarantee and rank equally with general obligation bonds.

    The bill requires annual agency reporting on program operations and biannual effectiveness evaluations by the Legislative Analyst's Office. Implementation depends on voter approval of a related constitutional amendment in the 2025-26 session. The measure aims to address California's affordable housing shortfall, with legislative findings noting that only 20% of needed very low-income units and 30% of low-income units were permitted in the most recent housing element cycle.

    Key Dates

    Next Step
    Referred to the Assembly Standing Committee on Appropriations
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass as amended and be re-referred to the Committee on [Appropriations]
    Assembly Housing And Community Development Hearing
    Assembly Committee
    Assembly Housing And Community Development Hearing
    Do pass as amended and be re-referred to the Committee on [Judiciary]
    Vote on Senate Floor
    Senate Floor
    Vote on Senate Floor
    Senate 3rd Reading SB750 Cortese et al
    Senate Appropriations Hearing
    Senate Committee
    Senate Appropriations Hearing
    Do pass as amended
    Senate Appropriations Hearing
    Senate Committee
    Senate Appropriations Hearing
    Placed on suspense file
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] with the recommendation: To Consent Calendar
    Senate Housing Hearing
    Senate Committee
    Senate Housing Hearing
    Do pass, but first be re-referred to the Committee on [Judiciary]
    Introduced
    Senate Floor
    Introduced
    Introduced. To Com. on RLS. for assignment. To print.

    Contacts

    Profile
    Sharon Quirk-SilvaD
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Ash KalraD
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Scott WienerD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 26 row(s) selected.
    Page 1 of 6
    Select All Legislators
    Profile
    Sharon Quirk-SilvaD
    Assemblymember
    Bill Author
    Profile
    Ash KalraD
    Assemblymember
    Bill Author
    Profile
    Scott WienerD
    Senator
    Bill Author
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Profile
    Tom UmbergD
    Senator
    Bill Author
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Profile
    Dave CorteseD
    Senator
    Bill Author
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Lori WilsonD
    Assemblymember
    Bill Author
    Profile
    Matt HaneyD
    Assemblymember
    Bill Author
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Gregg HartD
    Assemblymember
    Committee Member
    Profile
    Blanca PachecoD
    Assemblymember
    Committee Member
    Profile
    Diane PapanD
    Assemblymember
    Bill Author
    Profile
    Gail PellerinD
    Assemblymember
    Committee Member
    Profile
    Kate SanchezR
    Assemblymember
    Committee Member
    Profile
    Tri TaR
    Assemblymember
    Committee Member
    Profile
    Jessica CalozaD
    Assemblymember
    Committee Member
    Profile
    Mark GonzalezD
    Assemblymember
    Committee Member
    Profile
    Heather HadwickR
    Assemblymember
    Committee Member
    Profile
    Jose SolacheD
    Assemblymember
    Committee Member
    Profile
    Jesse ArreguinD
    Senator
    Bill Author
    Profile
    Christopher CabaldonD
    Senator
    Bill Author
    Profile
    Sade ElhawaryD
    Assemblymember
    Committee Member

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Dave Cortese
    Dave CorteseD
    California State Senator
    Co-Authors
    Lori Wilson
    Lori WilsonD
    California State Assembly Member
    Scott Wiener
    Scott WienerD
    California State Senator
    Sharon Quirk-Silva
    Sharon Quirk-SilvaD
    California State Assembly Member
    Christopher Cabaldon
    Christopher CabaldonD
    California State Senator
    Josh Becker
    Josh BeckerD
    California State Senator
    Jesse Arreguin
    Jesse ArreguinD
    California State Senator
    Matt Haney
    Matt HaneyD
    California State Assembly Member
    Ash Kalra
    Ash KalraD
    California State Assembly Member
    Diane Papan
    Diane PapanD
    California State Assembly Member
    Tom Umberg
    Tom UmbergD
    California State Senator
    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (5/28/2025)

    Latest Voting History

    View History
    July 15, 2025
    PASS
    Assembly Committee
    Assembly Judiciary Hearing
    AyesNoesNVRTotalResult
    110112PASS

    Key Takeaways

    • Establishes a state credit enhancement program to stimulate private investment in affordable housing construction.
    • Creates a dedicated state fund to insure construction and permanent loans for affordable housing projects.
    • Authorizes the California Housing Finance Agency to insure loans with premium charges capped at 2 percent.
    • Requires annual oversight reports and limits program authorization to prevent excessive financial risk.

    Get Involved

    Act Now!

    Email the authors or create an email template to send to all relevant legislators.

    Introduced By

    Dave Cortese
    Dave CorteseD
    California State Senator
    Co-Authors
    Lori Wilson
    Lori WilsonD
    California State Assembly Member
    Scott Wiener
    Scott WienerD
    California State Senator
    Sharon Quirk-Silva
    Sharon Quirk-SilvaD
    California State Assembly Member
    Christopher Cabaldon
    Christopher CabaldonD
    California State Senator
    Josh Becker
    Josh BeckerD
    California State Senator
    Jesse Arreguin
    Jesse ArreguinD
    California State Senator
    Matt Haney
    Matt HaneyD
    California State Assembly Member
    Ash Kalra
    Ash KalraD
    California State Assembly Member
    Diane Papan
    Diane PapanD
    California State Assembly Member
    Tom Umberg
    Tom UmbergD
    California State Senator

    Summary

    Senator Cortese's California Housing Finance and Credit Act establishes a state-backed credit enhancement program to stimulate private investment in affordable housing construction. The program, administered by the California Housing Finance Agency, would provide loan insurance and credit enhancements for both construction and permanent financing of affordable housing developments starting January 2027.

    The legislation creates the California Housing Finance and Credit Fund to support these credit enhancements through premium charges of up to 2% on insured loans. The fund would operate without direct state cost, with monies continuously appropriated for insurance activities and administrative expenses. To maintain fiscal stability, the Governor must set annual limits on the agency's loan insurance authority through the budget process.

    Under the program, developers seeking credit enhancements must meet specific eligibility criteria, including maintaining long-term affordability through regulatory agreements or equivalent commitments. The agency holds broad authority to manage defaults through property acquisition, loan modification, or direct intervention to cure borrower defaults. All debentures issued under the program carry the state's full faith and credit guarantee and rank equally with general obligation bonds.

    The bill requires annual agency reporting on program operations and biannual effectiveness evaluations by the Legislative Analyst's Office. Implementation depends on voter approval of a related constitutional amendment in the 2025-26 session. The measure aims to address California's affordable housing shortfall, with legislative findings noting that only 20% of needed very low-income units and 30% of low-income units were permitted in the most recent housing element cycle.

    40% progression
    Bill has passed all readings in its first house and is ready to move to the other house (5/28/2025)

    Key Dates

    Next Step
    Referred to the Assembly Standing Committee on Appropriations
    Next Step
    Assembly Committee
    Referred to the Assembly Standing Committee on Appropriations
    Hearing has not been scheduled yet
    Assembly Judiciary Hearing
    Assembly Committee
    Assembly Judiciary Hearing
    Do pass as amended and be re-referred to the Committee on [Appropriations]
    Assembly Housing And Community Development Hearing
    Assembly Committee
    Assembly Housing And Community Development Hearing
    Do pass as amended and be re-referred to the Committee on [Judiciary]
    Vote on Senate Floor
    Senate Floor
    Vote on Senate Floor
    Senate 3rd Reading SB750 Cortese et al
    Senate Appropriations Hearing
    Senate Committee
    Senate Appropriations Hearing
    Do pass as amended
    Senate Appropriations Hearing
    Senate Committee
    Senate Appropriations Hearing
    Placed on suspense file
    Senate Judiciary Hearing
    Senate Committee
    Senate Judiciary Hearing
    Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations] with the recommendation: To Consent Calendar
    Senate Housing Hearing
    Senate Committee
    Senate Housing Hearing
    Do pass, but first be re-referred to the Committee on [Judiciary]
    Introduced
    Senate Floor
    Introduced
    Introduced. To Com. on RLS. for assignment. To print.

    Latest Voting History

    View History
    July 15, 2025
    PASS
    Assembly Committee
    Assembly Judiciary Hearing
    AyesNoesNVRTotalResult
    110112PASS

    Contacts

    Profile
    Sharon Quirk-SilvaD
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Ash KalraD
    Assemblymember
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Scott WienerD
    Senator
    Bill Author
    Not Contacted
    Not Contacted
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Not Contacted
    Not Contacted
    0 of 26 row(s) selected.
    Page 1 of 6
    Select All Legislators
    Profile
    Sharon Quirk-SilvaD
    Assemblymember
    Bill Author
    Profile
    Ash KalraD
    Assemblymember
    Bill Author
    Profile
    Scott WienerD
    Senator
    Bill Author
    Profile
    Joaquin ArambulaD
    Assemblymember
    Committee Member
    Profile
    Buffy WicksD
    Assemblymember
    Committee Member
    Profile
    Tom UmbergD
    Senator
    Bill Author
    Profile
    Josh BeckerD
    Senator
    Bill Author
    Profile
    Dave CorteseD
    Senator
    Bill Author
    Profile
    Lisa CalderonD
    Assemblymember
    Committee Member
    Profile
    Mike FongD
    Assemblymember
    Committee Member
    Profile
    Lori WilsonD
    Assemblymember
    Bill Author
    Profile
    Matt HaneyD
    Assemblymember
    Bill Author
    Profile
    Diane DixonR
    Assemblymember
    Committee Member
    Profile
    Gregg HartD
    Assemblymember
    Committee Member
    Profile
    Blanca PachecoD
    Assemblymember
    Committee Member
    Profile
    Diane PapanD
    Assemblymember
    Bill Author
    Profile
    Gail PellerinD
    Assemblymember
    Committee Member
    Profile
    Kate SanchezR
    Assemblymember
    Committee Member
    Profile
    Tri TaR
    Assemblymember
    Committee Member
    Profile
    Jessica CalozaD
    Assemblymember
    Committee Member
    Profile
    Mark GonzalezD
    Assemblymember
    Committee Member
    Profile
    Heather HadwickR
    Assemblymember
    Committee Member
    Profile
    Jose SolacheD
    Assemblymember
    Committee Member
    Profile
    Jesse ArreguinD
    Senator
    Bill Author
    Profile
    Christopher CabaldonD
    Senator
    Bill Author
    Profile
    Sade ElhawaryD
    Assemblymember
    Committee Member