CA AB2043

Redefines "redevelopment" under the Community Redevelopment Law to include provision of loan assistance to qualified homeowners, effective until January 1, 2016.

Authorizes redevelopment agencies to issue subordinate loans using redevelopment funds to reduce principal balances on home mortgages of low- and moderate-income homeowners in or outside project areas.

Requires lender agreement to reduce the primary mortgage's loan-to-value ratio to 110% or less, with subordinate loans limited to no more than 15% of the remaining primary loan balance.

Subordinate loans may be repaid upon sale or refinance of the home with no monthly payments required prior to those events; excludes funds designated for low- and moderate-income housing construction.

Repeals the subordinate loan authorization on January 1, 2016, unless extended by subsequent legislation enacted before that date.