CA AB2531

Authorizes the Community Redevelopment Agency of the City of Los Angeles to prepare applications for and execute economic development programs using state and federal grant funds, which can be spent inside or outside redevelopment project areas, until January 1, 2018.

Allows agencies to provide direct assistance including loans, loan guarantees, and financial assistance to businesses for industrial/manufacturing facilities, job retention/expansion, energy efficiency improvements, and environmental sustainability measures within project areas.

Permits agencies to establish job training, apprenticeship, small business incubator, and commercial building rehabilitation programs within project areas.

Requires legislative body approval through annual resolution, compliance with affordable housing element requirements, and submission of effectiveness reports to the Legislative Analyst by December 1, 2016.

All provisions expire January 1, 2018 unless extended by subsequent legislation enacted before that date.