California 2015-2016 Regular Session Status: In Committee

AB 2475 — Loan program: California Infrastructure and Economic Development Bank.

Last action — In committee: Held under submission.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law, including the California Global Warming Solutions Act of 2006, imposes requirements on local governments for meeting specific environmental quality standards. The Bergeson-Peace Infrastructure and Economic Development Bank Act authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects, among other things. The act establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for support of the bank. This bill would establish within the bank the Local Government Affordable Housing Forgivable Loan Program, and require the bank to make loans to a local government for the development of affordable housing by the local government on terms and conditions the bank deems in the best interests of the state. The bill would define terms for its purposes. The bill would excuse a local government from being required to repay either half or all of the principal and interest on a loan if the local government meets specific requirements that include, among others, that at least 75% of the units in the financed affordable housing be affordable to very low income households or extremely low income households, as specified. The bill would require the board to consult with the Strategic Growth Council and the California Housing Finance Agency in determining whether a local government has met these requirements. By expanding the use of the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, this bill would make an appropriation.

Bill Text

Action History

  1. In committee: Held under submission.

  2. In committee: Set, first hearing. Referred to APPR. suspense file.

  3. From committee: Do pass and re-refer to Com. on APPR. (Ayes 5. Noes 2.) (April 20). Re-referred to Com. on APPR.

  4. From committee: Do pass and re-refer to Com. on L. GOV. (Ayes 6. Noes 1.) (April 13). Re-referred to Com. on L. GOV.

  5. (pending re-refer to Com. on L. GOV.)

  6. Assembly Rule 56 suspended. (Page 4218.)

  7. Re-referred to Com. on H. & C.D.

  8. From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.

  9. Referred to Coms. on H. & C.D. and L. GOV.

  10. Read first time.

  11. From printer. May be heard in committee March 22.

  12. Introduced. To print.

Sponsors

  • Gordon · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Gordon

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 2475 do?
Existing law, including the California Global Warming Solutions Act of 2006, imposes requirements on local governments for meeting specific environmental quality standards. The Bergeson-Peace Infrastructure and Economic Development Bank Act authorizes the California Infrastructure and Economic Development Bank, governed by a board of directors, to make loans, issue bonds, and provide other financial assistance for various types of infrastructure and economic development projects, among other things. The act establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for support of the bank. This bill would establish within the bank the Local Government Affordable Housing Forgivable Loan Program, and require the bank to make loans to a local government for the development of affordable housing by the local government on terms and conditions the bank deems in the best interests of the state. The bill would define terms for its purposes. The bill would excuse a local government from being required to repay either half or all of the principal and interest on a loan if the local government meets specific requirements that include, among others, that at least 75% of the units in the financed affordable housing be affordable to very low income households or extremely low income households, as specified. The bill would require the board to consult with the Strategic Growth Council and the California Housing Finance Agency in determining whether a local government has met these requirements. By expanding the use of the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, this bill would make an appropriation.
Who sponsors AB 2475?
AB 2475 is sponsored by Gordon.
What is the current status of AB 2475?
This bill died with 2015-2016 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track AB 2475?
Track AB 2475 free on One Click Politics — get push/email alerts when it moves.

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