(a) It is the intent of the Legislature in enacting this chapter to provide the department the flexibility necessary to maintain the supply and quality of the affordable rental housing units for which there has already been a significant public investment.
(b) The Legislature finds and declares all of the following:
(1) Potential conversion of affordable housing to market rate housing is an ongoing and critical statewide problem.
(2) Additionally, loans made by the department that are reaching the end of their affordability periods are also at risk of converting to market rate rents.
(3) Lack of access to financial resources to rehabilitate and extend the affordability periods of housing projects increases the risk of conversion to market rate rents.
(4) As affordable housing converts to market rate rents, displaced tenants may be unable to obtain replacement affordable housing, which could exacerbate the state’s homelessness crisis.