CA SB314

Grants partial property tax exemption for charitable properties located at the former Naval Training Center in San Diego when leased by the City of San Diego or its Redevelopment Agency to nonprofit entities for 35 years or more.

Exemption applies only when property development is financed through federal New Markets Tax Credit Program or federal Tax Credit Program for Qualified Rehabilitation Expenditures for Certified Historic Structures.

Allows subleasing by nonprofit entities to controlled entities while maintaining exemption eligibility.

Declares that no state reimbursement shall be made to local agencies for property tax revenues lost under this exemption, notwithstanding existing reimbursement requirements.

Takes effect immediately as a tax levy.