CA AB288

Redefines "redevelopment" to include improving, increasing, or preserving emergency shelters for homeless persons and transitional housing units, with these facilities able to be located outside established redevelopment project areas.

Authorizes redevelopment agencies within the same housing region (defined as communities within 40 miles of each other) to pool up to 5 percent of their accumulated low- and moderate-income housing funds through joint powers authorities or interagency agreements to fund emergency shelters and transitional housing.

Requires emergency shelters and transitional housing funded through pooled housing funds to remain available at affordable costs for 55 years, with specific provisions for equity sharing and agency recovery of investments if facilities are converted to other uses.

Establishes a 60-day notice period during which communities can object to a donor agency funding shelter or transitional housing projects in their jurisdiction, with no objection allowing the receiving community's land use requirements to control the development process.

Counts emergency shelter beds as half-units and transitional housing units as full units toward redevelopment agencies' affordable housing requirements under existing law.