50467. (a) Any notice of funding availability issued by the department for an affordable multifamily housing loan program shall state that adaptive reuse of a property for affordable housing purposes is an eligible activity.
(b) To the extent any affordable multifamily housing loan program also allows for home ownership, this section shall also apply.
(c) Except as provided in subdivision (d), for purposes of this section, “adaptive reuse” means the retrofitting and repurposing of an existing building to create new residential units.
(d) Subdivision (c) shall only apply to an affordable multifamily housing loan program if the program does not define adaptive reuse in statute, agency guideline, or regulation.
(Added by Stats. 2022, Ch. 639, Sec. 1. (AB 1695) Effective January 1, 2023.)