(a) Each authority shall develop a uniform application that includes requests for relevant information, such as project goals, costs, number of students or faculty and staff to be housed, timeline for the project, financial feasibility of the project, and other information deemed necessary for evaluation of creditworthiness and public benefit criteria established by each authority pursuant to this chapter. The applications shall be available no later than April 1, 2024, in accordance with each authority’s existing regulations or any necessary amendments, which shall be undertaken as emergency regulations, if necessary.

(b) The initial preliminary applications for projects to be considered pursuant to this chapter shall be submitted to the designated authority no later than July 1, 2024. Thereafter, the authority may establish subsequent application periods, as necessary.

(c) Applications may be submitted to the designated authority by college and university applicants as set forth in this chapter pursuant to the following:

(1) The California Educational Facilities Authority shall consider applications from university applicants.

(2) The California School Finance Authority shall consider applications from college applicants.

(d) Applications shall demonstrate all of the following:

(1) Construction on the project could begin by June 30, 2025, or by the earliest possible date thereafter, as stated in the application.

(2) The rate for student, staff, and faculty housing supported by the fund will be below local market rental rates for comparable student, staff, and faculty housing, and may take into account the costs of utilities, food service, operations, maintenance, and other services included in the student, staff, and faculty housing rent.

(3) Receipt of a loan from the authority shall result in a public benefit, such as the ability to reduce rents, serve more students, provide additional onsite student support services, or other tangible benefits that would not be practical without receipt of the loan.

(4) The project will comply with the requirements of Section 67329.5.

(5) The project will be owned by a participating college or university or participating nonprofit entity.

(e) In the event that an authority receives or anticipates receiving more applications than its allocation of state funding can support, the authority may consider any of the following criteria in selecting projects:

(1) The timeline for construction, with priority given to projects that can begin construction the earliest.

(2) The campus‘ unmet demand for student housing, with priority given to applicants with greater unmet demand for student housing.

(3) A local match is available, with priority given to applicants with a local match.

(4) When considered as a whole, the applications approved pursuant to this chapter are fairly representative of various geographical regions of the state and the University of California, the California State University, and the California Community Colleges.

(Added by Stats. 2022, Ch. 572, Sec. 2. (AB 190) Effective September 27, 2022.)