The Legislature hereby finds and declares all of the following:
(a) The Tax Reform Act of 1986 (Public Law 99-514) establishes a unified volume ceiling on the aggregate amount of private activity bonds that can be issued in each state. The unified volume ceiling is the product of seventy-five dollars ($75) multiplied by the state population in 1987 and fifty dollars ($50) multiplied by the state population in each succeeding calendar year.
(b) The federal act requires each state to allocate its volume ceiling according to a specified formula unless a different procedure is established by Governor's proclamation or state legislation.
(c) Therefore, it is necessary to designate a state agency and create an allocation system to administer the state unified volume ceiling.
(d) A substantial public benefit is served by promoting housing for lower income families and individuals.
(e) A substantial public benefit is served by preserving and rehabilitating existing governmental assisted housing for lower income families and individuals.
(f) A substantial public benefit is served by providing federal tax credits or reduced interest rate mortgages to assist teachers, principals, vice principals, assistant principals, and classified employees who are willing to serve in high priority schools to purchase a home.
(Amended by Stats. 2003, Ch. 853, Sec. 1.)