California Student Housing Revolving Loan Fund Act of 2022.

Assembly Member Haney's proposal to modify California's Student Housing Revolving Loan Fund would allow universities and colleges to construct affordable housing in urban centers, enabling up to 20% of loan funds to be used for student, faculty, and staff housing projects located in central business districts or main commercial hubs.

The measure builds upon the existing zero-interest loan program established in 2022, which provides $200 million in the 2023-24 fiscal year and anticipates $300 million annually through 2028-29 for campus housing construction. The current allocation formula directs 75% of funds to the University of California and California State University systems, with 25% designated for community colleges. This distribution can be adjusted if one segment demonstrates higher demand for unused funds from another segment, subject to legislative budget committee approval.

Under the expanded parameters, qualifying institutions could site a portion of their housing developments in city centers rather than limiting construction to campus properties. The fund maintains its original financial management structure, with the State Treasurer authorized to pledge monies as security for bond issuance and invest unused funds in eligible securities. All investment returns must be deposited back into the revolving loan fund.