Bill Commons

CA SB 686

enacted

Housing programs: financing.

California · 2025-2026 Regular Session · upper

Quick answers

Did CA SB 686 pass?

Yes. CA SB 686 has been enacted into law as of 2025-10-10. Latest recorded action (2025-10-10): Chaptered by Secretary of State. Chapter 523, Statutes of 2025.

What is CA SB 686 about?

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.

Who sponsors CA SB 686?

Reyes is the primary sponsor of CA SB 686, joined by 3 cosponsors.

Description

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.

Introduced
2025-02-21
Latest action
2025-10-10 — Chaptered by Secretary of State. Chapter 523, Statutes of 2025.
Bill type
bill
Last updated
—

Subjects

Sponsors

  • Reyesauthor
  • Wardprincipal coauthor
  • Graysoncoauthor
  • Seyartocoauthor

Committees

Not provided by source.

Action timeline

  1. 2025-02-21

    Introduced. To Com. on RLS. for assignment. To print.

    introduction,referral-committee

  2. 2025-02-24

    Read first time.

    reading-1

  3. 2025-02-24

    From printer. May be acted upon on or after March 24.

  4. 2025-03-05

    Referred to Com. on HOUSING.

    referral-committee

  5. 2025-03-13

    Set for hearing April 1.

  6. 2025-04-02

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 11. Noes 0. Page 609.) (April 1). Re-referred to Com. on APPR.

    committee-passage,committee-passage-favorable,referral-committee

  7. 2025-04-04

    Set for hearing April 21.

  8. 2025-04-21

    April 21 hearing: Placed on APPR. suspense file.

  9. 2025-05-16

    Set for hearing May 23.

  10. 2025-05-23

    Read second time. Ordered to third reading.

    reading-1,reading-2,reading-3

  11. 2025-05-23

    From committee: Do pass. (Ayes 6. Noes 0. Page 1209.) (May 23).

    committee-passage,committee-passage-favorable

  12. 2025-05-27

    Ordered to special consent calendar.

  13. 2025-05-29

    Read third time. Passed. (Ayes 38. Noes 0. Page 1328.) Ordered to the Assembly.

    passage,reading-1,reading-3

  14. 2025-05-29

    In Assembly. Read first time. Held at Desk.

    reading-1

  15. 2025-06-05

    Referred to Com. on H. & C.D.

    referral-committee

  16. 2025-07-07

    From committee with author's amendments. Read second time and amended. Re-referred to Com. on H. & C.D.

    amendment-passage,committee-passage,reading-1,reading-2,referral-committee

  17. 2025-07-16

    From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 12. Noes 0.) (July 16). Re-referred to Com. on APPR.

    committee-passage,committee-passage-favorable,referral-committee

  18. 2025-08-20

    Coauthors revised.

  19. 2025-08-20

    From committee: Do pass. Ordered to consent calendar. (Ayes 15. Noes 0.) (August 20).

    committee-passage,committee-passage-favorable

  20. 2025-08-21

    Read second time. Ordered to consent calendar.

    reading-1,reading-2

  21. 2025-08-28

    Read third time. Passed. (Ayes 74. Noes 0. Page 2777.) Ordered to the Senate.

    passage,reading-1,reading-3

  22. 2025-08-28

    In Senate. Concurrence in Assembly amendments pending.

  23. 2025-09-09

    Ordered to special consent calendar.

  24. 2025-09-11

    Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2927.) Ordered to engrossing and enrolling.

    amendment-passage,committee-passage,committee-passage-favorable

  25. 2025-09-22

    Enrolled and presented to the Governor at 2 p.m.

    executive-receipt

  26. 2025-10-10

    Approved by the Governor.

    executive-signature

  27. 2025-10-10

    Chaptered by Secretary of State. Chapter 523, Statutes of 2025.

    became-law

Versions

  • 02/21/25 - Introduced — 2025-02-21Compare
  • 07/07/25 - Amended Assembly — 2025-07-07Compare
  • 09/16/25 - Enrolled — 2025-09-16Compare
  • 10/10/25 - Chaptered — 2025-10-10Compare
  • SB686Compare
  • (document, no version)Compare

Documents

Votes

  • Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

    2025-04-01 · pass · 11-0

    Member-level votes (11)
    • Seyarto: yes
    • Cabaldon: yes
    • Gonzalez: yes
    • Padilla: yes
    • Caballero: yes
    • Ochoa Bogh: yes
    • Wahab: yes
    • Durazo: yes
    • Grayson: yes
    • Arreguín: yes
    • Cortese: yes

  • Placed on suspense file

    2025-04-21 · pass · 6-0

    Member-level votes (7)
    • Grayson: yes
    • Wahab: yes
    • Richardson: yes
    • Cabaldon: yes
    • Caballero: yes
    • Seyarto: yes
    • Dahle: other

  • Do pass

    2025-05-23 · pass · 6-0

    Member-level votes (7)
    • Caballero: yes
    • Seyarto: yes
    • Wahab: yes
    • Cabaldon: yes
    • Richardson: yes
    • Grayson: yes
    • Dahle: other

  • Special Consent SB686 Reyes et al.

    2025-05-29 · pass · 38-0

    Member-level votes (40)
    • Smallwood-Cuevas: yes
    • Grayson: yes
    • Grove: yes
    • Dahle: yes
    • Rubio: yes
    • Jones: yes
    • Umberg: yes
    • Weber Pierson: yes
    • Wiener: yes
    • Stern: yes
    • Padilla: yes
    • Arreguín: yes
    • Caballero: yes
    • Pérez: yes
    • McNerney: yes
    • Gonzalez: yes
    • Durazo: yes
    • Cortese: yes
    • Archuleta: yes
    • Blakespear: yes
    • Laird: yes
    • Strickland: yes
    • Choi: yes
    • Valladares: yes
    • McGuire: yes
    • Niello: yes
    • Allen: yes
    • Richardson: yes
    • Hurtado: yes
    • Cervantes: yes
    • Seyarto: yes
    • Menjivar: yes
    • Wahab: yes
    • Becker: yes
    • Alvarado-Gil: yes
    • Ochoa Bogh: yes
    • Ashby: yes
    • Cabaldon: yes
    • Limón: other
    • Reyes: other

  • Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

    2025-07-16 · pass · 12-0

    Member-level votes (12)
    • Wicks: yes
    • Wilson: yes
    • Tangipa: yes
    • Caloza: yes
    • Kalra: yes
    • Ta: yes
    • Lee: yes
    • Ávila Farías: yes
    • Haney: yes
    • Patterson: yes
    • Quirk-Silva: yes
    • Garcia: yes

  • Do pass. To Consent Calendar.

    2025-08-20 · pass · 15-0

    Member-level votes (15)
    • Fong: yes
    • Arambula: yes
    • Tangipa: yes
    • Ta: yes
    • Solache: yes
    • Wicks: yes
    • Caloza: yes
    • Dixon: yes
    • Pellerin: yes
    • Jeff Gonzalez: yes
    • Calderon: yes
    • Pacheco: yes
    • Elhawary: yes
    • Hart: yes
    • Mark González: yes

  • SB 686 Reyes Consent Calendar Second Day

    2025-08-28 · pass · 74-0

    Member-level votes (79)
    • Michelle Rodriguez: yes
    • Zbur: yes
    • Jeff Gonzalez: yes
    • Carrillo: yes
    • Stefani: yes
    • Dixon: yes
    • DeMaio: yes
    • Krell: yes
    • Muratsuchi: yes
    • Ransom: yes
    • Schiavo: yes
    • Ahrens: yes
    • Tangipa: yes
    • Chen: yes
    • Blanca Rubio: yes
    • Bryan: yes
    • Papan: yes
    • Lee: yes
    • Soria: yes
    • Ellis: yes
    • Bonta: yes
    • Addis: yes
    • Aguiar-Curry: yes
    • Garcia: yes
    • Hadwick: yes
    • Hart: yes
    • Ortega: yes
    • Bauer-Kahan: yes
    • Nguyen: yes
    • Mark González: yes
    • Solache: yes
    • Gabriel: yes
    • Bennett: yes
    • Castillo: yes
    • Irwin: yes
    • Pellerin: yes
    • Harabedian: yes
    • Ward: yes
    • Schultz: yes
    • Calderon: yes
    • Ta: yes
    • Alanis: yes
    • Pacheco: yes
    • Macedo: yes
    • Wicks: yes
    • Connolly: yes
    • Bains: yes
    • Flora: yes
    • Sanchez: yes
    • Jackson: yes
    • Lackey: yes
    • Patel: yes
    • Davies: yes
    • Kalra: yes
    • Celeste Rodriguez: yes
    • McKinnor: yes
    • Petrie-Norris: yes
    • Ávila Farías: yes
    • Caloza: yes
    • Sharp-Collins: yes
    • Wilson: yes
    • Hoover: yes
    • Fong: yes
    • Gipson: yes
    • Patterson: yes
    • Quirk-Silva: yes
    • Rivas: yes
    • Rogers: yes
    • Boerner: yes
    • Arambula: yes
    • Ramos: yes
    • Lowenthal: yes
    • Haney: yes
    • Wallis: yes
    • Alvarez: other
    • Berman: other
    • Elhawary: other
    • Valencia: other
    • Gallagher: other

  • Special Consent SB686 Reyes et al.

    2025-09-11 · pass · 40-0

    Member-level votes (40)
    • Valladares: yes
    • Umberg: yes
    • McGuire: yes
    • Ochoa Bogh: yes
    • Pérez: yes
    • Cabaldon: yes
    • Wiener: yes
    • Jones: yes
    • Reyes: yes
    • McNerney: yes
    • Dahle: yes
    • Cervantes: yes
    • Caballero: yes
    • Menjivar: yes
    • Allen: yes
    • Archuleta: yes
    • Limón: yes
    • Durazo: yes
    • Niello: yes
    • Richardson: yes
    • Hurtado: yes
    • Blakespear: yes
    • Seyarto: yes
    • Gonzalez: yes
    • Ashby: yes
    • Padilla: yes
    • Choi: yes
    • Laird: yes
    • Stern: yes
    • Alvarado-Gil: yes
    • Grayson: yes
    • Rubio: yes
    • Cortese: yes
    • Smallwood-Cuevas: yes
    • Grove: yes
    • Strickland: yes
    • Becker: yes
    • Weber Pierson: yes
    • Arreguín: yes
    • Wahab: yes

Related bills

No related bills recorded for this bill.

Official source

http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202520260SB686

Attribution

Data from openstates_bulk_csv, retrieved 2026-07-24T01:34:27.960412Z

Inspect retained evidence for changes recorded after evidence tracking began:

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