(a) To the extent that funds are available, the department shall make loans for the development and construction of a housing development project within close proximity to a transit station. To be eligible for a loan, the housing development project shall meet all of the following:

(1) At least 15 percent of the units in the proposed development shall be made available at an affordable rent or at an affordable housing cost to persons of very low or low income for at least 55 years.

(2) Be located on parcels at least a portion of which are located within one-quarter mile of a transit station. A housing development project may include a mixed-use development consisting of residential and nonresidential uses.

(3) Meet minimum density requirements, as established by the department.

(4) Be located in an area designated by the appropriate council of governments for infill development as part of the region’s sustainable communities strategy adopted pursuant to § 65080 of the Government Code.

(5) Meet any other threshold requirement established by the department.

(b) With respect to loans for the development of rental housing, the department shall do all of the following:

(1) Make program funds available at the same time it makes funds, if any, available under the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2).

(2) Rate and rank applications in a manner consistent with the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2), except that the department may establish additional point categories for the purposes of rating and ranking applications that seek funding pursuant to this subdivision in addition to those used in the Multifamily Housing Program.

(3) Administer funds in a manner consistent with the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2).

(c) With respect to loans for the development of owner-occupied housing, the department shall do all of the following:

(1) Make funds available at the same time it makes funds, if any, available under the CalHome Program (Chapter 6 (commencing with Section 50650) of Part 2).

(2) Rate and rank applications in a manner consistent with the CalHome Program (Chapter 6 (commencing with Section 50650) of Part 2), except that the department may establish additional point categories for the purposes of rating and ranking applications that seek funding pursuant to this subdivision in addition to those used in the CalHome Program.

(3) Administer funds in a manner consistent with the CalHome Program (Chapter 6 (commencing with Section 50650) of Part 2).

(d) With respect to any moneys appropriated for the purposes of this part, the department shall determine the amounts, if any, to be made available for each of the purposes described in subdivisions (b) and (c).

(e) Only applications meeting the threshold requirements of subdivision (a) shall be eligible to receive funds pursuant to this part.

(f) As used in this part, “transit station” shall have the same meaning as defined in subdivision (b) of § 65460.1 of the Government Code.

(g) This section shall become operative on January 1, 2022.

(Repealed (in Sec. 12) and added by Stats. 2020, Ch. 192, Sec. 13. (AB 434) Effective January 1, 2021. Section operative January 1, 2022, by its own provisions.)