AB 1793 Summary

• Requires housing successors to maintain separate Low and Moderate Income Housing Asset Funds and provide annual independent financial audits to their governing bodies.

• Mandates housing successors post specified information on their Internet websites, including fund deposits, balances, expenditures by category, and the statutory value of real property and loans held.

• Adds requirement for housing successors to inventory homeownership units assisted by the former redevelopment agency that are subject to affordability covenants or restrictions, including the number of units, losses to the portfolio, returned funds, and contracted management entities.

• Establishes spending restrictions for housing development, requiring at least 30 percent of remaining funds for extremely low-income rental housing (30 percent or less of area median income) and limiting 20 percent for moderate-income housing (60-80 percent of area median income).

• Allows housing successors to transfer funds for transit priority projects, permanent supportive housing, agricultural employee housing, and special needs housing if conditions are met, including the receiving jurisdiction having a compliant housing element and no segregation impacts.