BILL NUMBER: AB 2924 AMENDED
BILL TEXT
AMENDED IN SENATE JUNE 15, 2004
AMENDED IN ASSEMBLY APRIL 13, 2004
INTRODUCED BY Assembly Member Wiggins
FEBRUARY 20, 2004
An act to add Section 25407 to the Public
An act to add and repeal Chapter 5.6 (commencing with Section 25460)
of Division 15 of the Public Resources Code, relating to energy
, and making an appropriation therefor .
LEGISLATIVE COUNSEL'S DIGEST
AB 2924, as amended, Wiggins. Energy: photovoltaic
generation grant program Solar energy: Low-income
Housing Development Revolving Loan Program .
Existing law establishes various revolving loan programs to
provide loans for specified purposes, including recycling market
development and renewable energy resources.
This bill would establish, until January 1, 2010, the Low-income
Housing Development Revolving Loan Program to subsidize the financing
gap for distributed solar energy systems in low-income housing
units. The bill would create the Low-income Housing Development
Revolving Loan Fund (fund), a continuously appropriated fund, to
implement the program.
This bill would require the State Energy Resources Conservation
and Development Commission (Energy Commission), commencing in 2006,
to identify and transfer $45,000,000 annually from the Renewable
Resource Trust Fund for funding the fund.
The existing Warren-Alquist State Energy Resources Conservation
and Development Act establishes the State Energy Resources
Conservation and Development Commission (Energy Commission) with the
policy and intent of promoting all feasible means of energy
conservation and all feasible uses of alternative energy supply
sources.
This bill would require the Energy Commission to report to the
Legislature, on or before July 1, 2005, with recommendations for
establishment of a program to provide grants to fund all expenses for
the purchase and installation of photovoltaic electrical generating
panels on publicly subsidized residential housing units that the
Energy Commission deems to be appropriate sites for photovoltaic
panels.
Vote: majority 2/3 .
Appropriation: no yes . Fiscal
committee: yes. State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 25407 is added to the Public Resources
SECTION 1. Chapter 5.6 (commencing with Section 25460) is added to
Division 15 of the Public Resources Code, to read:
CHAPTER 5.6. LOW-INCOME HOUSING DEVELOPMENT REVOLVING LOAN
PROGRAM
25460. As used in this chapter, the following terms have the
following meanings:
(a) "Agency" means the state agency with which the commission
enters into a memorandum of understanding to administer the program.
(b) "Fund" means the Low-income Housing Development Revolving Loan
Fund.
(c) "Program" means the Low-income Housing Development Revolving
Loan Program.
25461. The Low-Income Housing Development Revolving Loan Program
is hereby established to subsidize the financing gap for distributed
solar energy systems in low-income housing units.
25462. (a) The Low-income Housing Development Revolving Loan
Program Fund is hereby created in the State Treasury for the purpose
of providing loans for purposes of the Low-income Housing Development
Revolving Loan Program established pursuant to this chapter.
(b) Notwithstanding Section 13340 of the Government Code, money
deposited in the fund is hereby continuously appropriated to the
agency without regard to fiscal year for making loans pursuant to
this chapter.
(c) The agency may expend interest earnings on money in the fund
for administrative expenses incurred in carrying out the program,
upon the appropriation of money in the fund for that purpose in the
annual Budget Act.
(d) The money from any loan repayments and fees, including, but
not limited to, principal and interest repayments, fees and points,
recovery of collection costs, income earned on any asset recovered
pursuant to a loan default, and money collected through foreclosure
actions, shall be deposited in the fund.
(e) All interest accruing on interest payments from loan
applicants shall be deposited in the fund.
(f) The agency may expend the money in the fund to make loans to
local governing bodies, private businesses, and nonprofit entities to
subsidize the financing gap for distributed solar energy systems in
low-income housing units.
(g) The agency shall establish and collect fees for applications
for loans authorized by this section. The application fee shall be
set at a level that is sufficient to fund the agency's cost of
processing applications for loans. In addition, the agency shall
establish a schedule of fees, or points, for loans which are entered
into by the agency, to fund the agency's administration of the
program.
(h) The agency may expend money in the fund for the administration
of the program, upon the appropriation of money in the fund for that
purpose in the annual Budget Act.
(i) The agency may set aside money for the purposes of paying
costs necessary to protect the state's position as a lender-creditor.
These costs shall be broadly construed to include, but not be
limited to, foreclosure expenses, auction fees, title searches,
appraisals, real estate brokerage fees, attorney fees, mortgage
payments, insurance payments, utility costs, repair costs, removal
and storage costs for repossessed equipment and inventory, and
additional expenditures to purchase a senior lien in foreclosure or
bankruptcy proceedings.
25463. (a) Commencing in 2006, the commission shall identify and
transfer to the fund annually forty-five million dollars
($45,000,000) from funds available in the Renewable Resource Trust
Fund, established by Section 25751.
(b) The commission shall develop a memorandum of understanding
with the appropriate state agency that currently administers loans to
low-income housing developers to administer the program.
25464. This chapter shall remain in effect only until January 1,
2010, and as of that date is repealed, unless a later enacted
statute, that is enacted before January 1, 2010, deletes or extends
that date. Code, to read:
25407. The commission shall report to the Legislature on or
before July 1, 2005, with recommendations for establishment of a
program to provide grants to fund all expenses for the purchase and
installation of photovoltaic electrical generating panels on publicly
subsidized residential housing units that the commission deems to be
appropriate sites for photovoltaic panels.