In March, the "Saturday Night Live" alum lost control of a Mercedes and took out a fire hydrant then crashed into the side of a house.
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There were no injuries and he was not arrested at that time.
Initial indications were that he might not face charges.
But after further investigation, on Friday the Los Angeles County District Attorney's Office announced the charge against Davidson.
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"We believe that Mr. Davidson engaged in reckless driving, which ultimately resulted in his involvement in a serious collision into a home," the DA's office said in a written statement.
"Luckily, no one was seriously injured as a result of this collision. We know that reckless driving can have devastating consequences."
Davidson is scheduled for arraignment on July 27.