AB 505: Multifamily Housing Program: Homekey: report.

The bill aims to evaluate the effectiveness of a multifamily housing program that provides housing for individuals and families experiencing homelessness or at risk of homelessness due to medical conditions. The program, also known as Homekey, is administered by the Department of Housing and Community Development. The evaluation will assess the program's impact in sustaining people experiencing homelessness, including the number of housing units and projects funded, and the timeliness of fund allocation to localities participating in the program. The report will be submitted to the legislature by July 1, 2027, and will include policy recommendations to address any issues identified during the evaluation. The bill will repeal its provisions by January 1, 2031.