AB 1324

Bill Subjects

Abstract

Existing law authorizes the legislative body of a city or a county to propose the establishment of an enhanced infrastructure financing district, in accordance with specified procedures, to finance public capital facilities or other specified projects of communitywide significance, including, but not limited to, the acquisition, construction, or rehabilitation of housing for persons of low and moderate income for rent or purchase. This bill would establish the Transit-Oriented Affordable Housing Funding Program, to be administered by the Treasurer's office. The bill would authorize the city council of a city, or the board of supervisors of a city and county, to participate in the program by enactment of an ordinance establishing a transit-oriented affordable housing district, as provided. The bill would require that the city council or board of supervisors serve as the governing board of the district and, in that capacity, prepare and adopt a transit-oriented affordable housing financing plan. The bill would authorize a district to designate program areas. The bill would authorize the district to provide program funding to multifamily housing developments, as defined, within those program areas that meet specified requirements, including that the housing include a minimum percentage of units that are restricted to very lower, low, or moderate income households, and that the development receives to preliminary approval from the office, as provided. The bill would require that program funding be used for the acquisition, construction, or rehabilitation of housing for very low income households and persons and families of low or moderate income. The bill would authorize the transit-oriented affordable housing financing plan to include a provision for the division of taxes with respect to those properties selected for participation. The bill would establish an unspecified maximum amount of program funding, and an unspecified maximum term for the division of taxes, for multifamily housing developments based on the percentage of very low, lower, or moderate income units included. The bill would authorize a transit-oriented affordable housing district to enter into a contract with the Treasurer's office that includes specified provisions, including a provision requiring the district to remit the entirety of the amount allocated to it by a division of taxes to the office and a provision requiring that the office deposit the remitted amount into the Transit-Oriented Affordable Housing Trust Fund (trust fund) , which this bill would create and continuously appropriate to the office. The bill would require the office to issue revenue bonds, in accordance with specified procedures, secured by moneys in the trust fund and allocate the proceeds of those bonds to districts with which it has a contract in proportion to the amount remitted by each district. The bill would specify that moneys in the trust fund are nonstate moneys and are instead the property of, and held in trust on behalf of, the districts that contract with the office under these provisions. The bill would require that a district use the proceeds of revenue bonds allocated to it pursuant to these provisions for those purposes to provide program funding to participating multifamily housing developments. The bill would make various conforming changes to other laws relating to state moneys and the division of taxes by local agencies. By adding to the duties of county auditors with respect to the allocation of property tax revenues, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.