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California bills · 2025-2026 Regular Session

California SB 686

Housing programs: financing.

  1. Introduced
  2. In committee
  3. Passed Senate
  4. Passed House
  5. To Governor
  6. Became law

Sponsors

Cosponsors (3)

Summary

Official abstract published by the California legislature· summary

Existing law, the Zenovich-Moscone-Chacon Housing and Home Finance Act, among other things, establishes the Department of Housing and Community Development and requires it to administer various programs intended to promote the development of housing and to provide housing assistance and home loans. Existing law sets forth various general powers of the department in implementing these programs, including authorizing the department to enter into long-term contracts or agreements of up to 30 years for the purpose of servicing loans or grants or enforcing regulatory agreements or other security documents. Existing law requires the department, subject to certain conditions, to allow property owners subject to a regulatory agreement with the department to take out additional debt on the development in order to finance, with the department's approval, the rehabilitation of the property or investment in new affordable housing. Under existing law, one of those conditions is that any extracted equity is required to meet at least one of several conditions, as specified. Existing law defines "extracted equity" for these purposes to mean debt added to a department-regulated property that is not used in prescribed ways. This bill would, additionally, require the department to allow property owners to take out additional debt, as described above, if any extracted equity is utilized for reimbursement of borrower advances for predevelopment costs, unreimbursed capital improvements, and unreimbursed operating deficits. The bill would revise the definition of "extracted equity" to mean debt distributed funds that are financed with debt that is secured by a department-regulated property and is not used in prescribed ways.

Text versions

Roll-call votes

State vote data last updated Oct 15, 2026, 4:19 PM.

DateVoteResultYour legislators
Sep 11, 2025
Senate		Special Consent SB686 Reyes et al.passSet your home in California to see
Aug 28, 2025
House		SB 686 Reyes Consent Calendar Second DaypassSet your home in California to see
Aug 20, 2025
House		Do pass. To Consent Calendar.passSet your home in California to see
Jul 16, 2025
House		Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent CalendarpassSet your home in California to see
May 29, 2025
Senate		Special Consent SB686 Reyes et al.passSet your home in California to see
May 23, 2025
Senate		Do passpassSet your home in California to see
Apr 21, 2025
Senate		Placed on suspense filepassSet your home in California to see
Apr 1, 2025
Senate		Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent CalendarpassSet your home in California to see

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