Plain English Breakdown
The phrase 'as specified' or 'as provided' indicates that conditions exist but are not detailed in this summary.
AB-913: Changes to Housing Program Financing Rules
This bill would allow the Department of Housing and Community Development to move extra money between rental projects owned by the same person and skip certain loan payments.
What This Bill Does
- Allows the department to transfer excess reserves or excess operating income from one rental housing development to another with the same owner, as specified.
- Permits waiving payment of residual receipts or minimum annual loan payments, as provided.
Who It Names or Affects
- The Department of Housing and Community Development
- Owners who manage more than one rental housing development project
Limits and Unknowns
- The bill does not list specific dollar amounts for transfers or waivers.
- It is unclear exactly which types of rental projects qualify without reading the full legal definitions in the final text.