University of California: home down payment loans for support staff.

Plain English Breakdown

The official source material does not provide details on legislative delegation, only that it authorizes the Legislature to enact laws or delegate power as provided. This statement was removed due to lack of specific detail in the official summary.

Home Down Payment Loans for University of California Support Staff

This legislation requires the Regents of the University of California to offer home down payment loans to eligible support staff starting January 1, 2027.

What This Bill Does

• Requires the Regents of the University of California to provide home down payment loans to eligible support staff starting on or before January 1, 2027.
• Specifies that these loans must be equal in number to the housing loans given to senior executives and faculty during the fiscal year 2023-24.
• Ensures that at least 75% of the down payment loans go to support staff with household incomes at or below the area median income.

Who It Names or Affects

• Support staff who have worked for the University of California for at least five years and are first-time homebuyers.
• The Regents of the University of California, who will administer the loan program.

Terms To Know

Regents

The governing board of the University of California that has full powers to manage the university's affairs.

Eligible support staff

Career employees who have worked for at least five years, are first-time homebuyers, and do not hold supervisory or managerial positions.

Limits and Unknowns

• The bill does not specify the exact amount of down payment loans.
• It is unclear how the loan program will be funded.

Official Summary Text

ACA 3, as introduced, Haney.
University of California: home down payment loans for support staff.
The California Constitution provides that the University of California constitutes a public trust, and requires the university to be administered by the Regents of the University of California, a corporation in the form of a board, with full powers of organization and government, subject to legislative control only for specified purposes. These provisions grant the regents all the powers necessary or convenient for the effective administration of its trust.
This measure would require, on or before January 1, 2027, the regents to extend a portion of the homeownership assistance provided to senior executives and University of California faculty in the Academic Senate to eligible support staff, defined as career employees who have worked for the university for at least 5 years, are first-time homebuyers, and are not supervisors, managers, senior
executives, or members of the University of California faculty in the Academic Senate, for the purpose of providing down payment loans, as specified. The measure would require, beginning in the 2027–28 fiscal year, the total number of down payment loans the regents provide to eligible support staff to equal the total number of all housing loans made to senior executives and University of California faculty in the Academic Senate during the 2023–24 fiscal year, and for each fiscal year thereafter, the total number of down payment loans for eligible support staff to equal the total number of housing loans made to senior executives and University of California faculty in the Academic Senate in the preceding fiscal year, except as provided. The measure would require 75% of the down payment loans provided to eligible support staff to be made available to staff whose household incomes are at or below the area median income, as defined. The measure would authorize the Legislature to enact laws or delegate to an
appropriate body or agency the power to implement these provisions, as provided.
The measure would provide that its provisions are severable.

Current Bill Text

Download Bill PDF