California § 54940

§ 54940.

(a) (1) There is hereby established within the Business, Consumer Services, and Housing Agency a Housing Development and Finance Executive Committee for the purpose of centralizing affordable housing finance policymaking across state government. (2) Effective July 1, 2026, the executive committee is transferred to the Housing Development and Finance Committee. (3) The committee staff shall support the executive committee to effectuate the executive committee’s responsibilities. (b) The executive committee shall be responsible for coordinating a cohesive and integrated housing finance system to enhance the efficiency, coordination, and effectiveness of the state’s affordable housing finance programs. (c) The executive committee shall oversee the allocation of multifamily affordable housing programs, ensuring resources are directed toward affordable housing development and infrastructure that supports housing production and preservation. (d) (1) Beginning in calendar year 2028, and annually thereafter, as soon as practicable after the start of each calendar year, but no later than March 1, the executive committee shall prepare an annual demand survey, consistent with the survey described in subparagraph (B) of paragraph (1) of subdivision (g) of Section 17058 of the Revenue and Taxation Code, to assess demand for the HDFC housing bond allocation and determine the portion, if any, of the reserve described in subparagraph (A) of paragraph (3) of subdivision (b) of Section 8869.84 of the Government Code that is reasonably anticipated to remain unused during that calendar year and to be reallocated by the California Debt Limit Allocation Committee. (2) The survey shall identify both the amount of bond authority requested and the amount reasonably anticipated to be requested from the Housing Development and Finance Committee bond allocation during that calendar year. (e) It is the intent of the Legislature that the executive committee will streamline investments, reduce costs, and expand access to stable housing by providing financial oversight and aligning funding decisions with state housing goals and other state priorities.