CA SB1151

Establishes a Sustainable Economic Development and Housing Trust Fund to hold unencumbered balances and assets of dissolved redevelopment agencies, administered by a Sustainable Communities Investment Authority.

Requires authorities to prepare a long-range asset management plan by December 1, 2012, with Department of Finance approval required by December 31, 2012, and prohibits asset liquidation until plan approval.

Permits trust fund use for affordable housing, infrastructure, brownfield remediation, environmental mitigation, clean energy investments, job training programs, and loans for development activities.

Redirects proceeds from asset sales to the trust fund rather than distribution to taxing entities under property tax provisions, allowing funds to support ongoing sustainable economic development activities.

Requires all entities receiving financial support to incorporate jobs plans describing prevailing wage construction careers, living wage permanent jobs, and community outreach and job training commitments.