(a) The agency, in consultation with the staff of the Legislative Analyst’s Office, the Senate Committees on Banking and Financial Institutions, Budget and Fiscal Review, and Housing, and the Assembly Committees on Banking and Finance, Budget, and Housing and Community Development, shall do all of the following:

1. (1) Assess outcomes and lessons learned from the first two rounds of the program.
2. (2) Provide recommendations for further improvements to the existing program.
3. (3) Develop options for the next phase of the program, including, but not limited to, an option to expand the program to enable participation by entities such as local governments, public institutions of higher education, nonprofit organizations, school districts, community foundations, and large private employers.

(b)

1. (1) On or before January 31, 2026, the agency shall furnish a report to the Legislature detailing its assessment, options, and recommendations, pursuant to subdivision (a).
2. (2) A report to be submitted pursuant to this subdivision shall be submitted in compliance with Section 9795 of the Government Code.