CAL.Regulation
California expands HCD Portfolio Reinvestment Program to older at-risk affordable housing
Governor Gavin Newsom signed AB 750 on September 29, 2026. It amends Health and Safety Code section 50607 so the Department of Housing and Community Development may make loans and grants to rehabilitate and extend affordability of challenged developments, not only department-funded projects with expiring restrictions. Department-funded projects keep priority, and at least 10% of each funding round goes to challenged developments the department did not fund.
Enrolled text (California Legislative Information) → · Office of the Governor
Key points
- Creates a loan and grant program to rehabilitate HCD-funded projects with expired or short affordability restrictions.California Legislative Information
- Covers challenged developments at least 15 years old serving low-income households and at risk of conversion.California Legislative Information
- At least 10% of each funding round goes to non-HCD-funded challenged developments.California Legislative Information
- HCD may forgive accrued interest on an existing department loan if needed to support a new rehabilitation loan.California Legislative Information
- Chapter 789, Statutes of 2026, amends Health and Safety Code section 50607; it takes effect January 1, 2027.California Legislative Information
Sources2 articles across 2 outlets
California Legislative Information
Office of the Governor