CA AB1585

Amends Section 34176 of the Health and Safety Code to clarify that provisions of the Community Redevelopment Law relating to the Low and Moderate Income Housing Fund apply to funding administrative and planning costs for housing successors after redevelopment agencies were dissolved.

Allows cities, counties, or city-counties to retain housing assets and functions previously performed by redevelopment agencies, with assets maintained in a newly created Low and Moderate Income Housing Asset Fund.

Establishes procedures for entities to submit lists of housing assets to the Department of Finance by August 1, 2012, with the department having 30 days to object to any assets or transfers.

Appropriates $50,000,000 in bond revenues to the Department of Housing and Community Development: $25,000,000 for infill incentive grants and $25,000,000 for transit-oriented development grants and loans.

Allows additional appropriations of disencumbered and redeposited funds from the Regional Planning, Housing, and Infill Incentive Account and Transit-Oriented Development Implementation Fund during fiscal years 2012-13 and 2013-14.