California Education Code

§ 67329.3

EDC § 67329.3 Effective Jul 10, 2023Div. 5 · Title 3 · Part 40 · Ch. 14.28 · Art. 3

Statute text

(a)(1) The California Student Housing Revolving Loan Fund is hereby established in the State Treasury to provide zero-interest loans to qualifying college and university applicants for the purpose of constructing affordable student housing and affordable faculty and staff housing. Notwithstanding Section 13340 of the Government Code, all moneys in the fund are hereby continuously appropriated without regard to fiscal years for purposes of this chapter.

(2)(A) For the 2023–24 fiscal year, the sum of two hundred million dollars ($200,000,000) is hereby appropriated from the General Fund, to be deposited in the California Student Housing Revolving Loan Fund.

(B)It is the intent of the Legislature to appropriate three hundred million dollars ($300,000,000) in the 2024–25 fiscal year, three hundred million dollars ($300,000,000) in the 2025–26 fiscal year, three hundred million dollars ($300,000,000) in the 2026–27 fiscal year, three hundred million dollars ($300,000,000) in the 2027–28 fiscal year, and three hundred million dollars ($300,000,000) in the 2028–29 fiscal year, to be deposited in the California Student Housing Revolving Loan Fund.

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Legislative history

Amended by Stats. 2023, Ch. 50, Sec. 5. (SB 117) Effective July 10, 2023.