California Health and Safety Code 50606 – (a) It is the intent of the Legislature in enacting this chapter …
(a) It is the intent of the Legislature in enacting this chapter to provide the department the flexibility necessary to maintain the supply and quality of the affordable rental housing units for which there has already been a significant public investment.
(b) The Legislature finds and declares all of the following:
Terms Used In California Health and Safety Code 50606
- department: means State Department of Health Services. See California Health and Safety Code 20
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
(1) Potential conversion of affordable housing to market rate housing is an ongoing and critical statewide problem.
(2) Additionally, loans made by the department that are reaching the end of their affordability periods are also at risk of converting to market rate rents.
(3) Lack of access to financial resources to rehabilitate and extend the affordability periods of housing projects increases the risk of conversion to market rate rents.
(4) As affordable housing converts to market rate rents, displaced tenants may be unable to obtain replacement affordable housing, which could exacerbate the state‘s homelessness crisis.
(Added by Stats. 2021, Ch. 111, Sec. 16. (AB 140) Effective July 19, 2021.)