Bill > AB2110

This bill establishes new provisions for local governments to create "tax increment financing districts" specifically for the purpose of financing the construction, rehabilitation, repair, and upgrades of workforce housing for public safety, education, healthcare, or manufacturing personnel. These districts will have governing boards with a mix of local government officials and public members representing the targeted workforce. The bill outlines a detailed process for developing and approving a "financing plan," which includes public hearings, opportunities for protests, and potential elections if significant opposition arises. A key aspect is the "division of taxes," where a portion of the property tax revenue generated within the district above a baseline amount can be redirected to fund the housing projects. The bill also sets requirements for the types of housing that can be financed, including specific affordability and occupancy criteria, and allows for the issuance of bonds to finance these projects, subject to voter approval. Finally, it mandates that the district's finances be audited by the State Controller every five years once a certain amount of tax increment revenue has been allocated.

Government Affairs, Housing and Urban Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2110