AB 2320: Multifamily Housing Program: Homekey: adaptive reuse.

The bill aims to amend the health and safety code to allow the use of Homekey funds for adaptive reuse projects. This would enable funds awarded on or after January 1, 2027, to be used for adaptive reuse, as defined. The bill would also treat adaptive reuse projects as a distinct eligible project category and exempt them from per unit cost caps. Furthermore, the bill would require construction completion, capital expenditure, and completion of occupancy to occur within specific timeframes for different types of projects.