AB 2166: Multifamily housing development: offsite housing factories: backstop financing.

The bill establishes a multifamily backstop financing program to support multifamily projects through state-backed credit backstops. This program will enable surety companies to issue payment and performance bonds to qualified offsite housing factories in the state. The program will provide credit backstops to surety companies and surety insurers that issue construction bonds according to specified parameters. The program will be implemented by the California Housing Finance Agency, which will adopt rules and regulations necessary to support the program. The legislature intends to prioritize and review applications received through this program.