AB 229 Summary

• Creates infrastructure and revitalization financing districts that cities, counties, and joint powers authorities can establish to finance public infrastructure, affordable housing, economic development, and environmental remediation with 2/3 voter approval.

• Allows districts to exist for up to 40 years and issue debt with final maturity of up to 30 years, utilizing incremental property tax revenue and net available revenue from redevelopment trust funds.

• Authorizes districts to finance projects in redevelopment areas, former redevelopment areas, and former military bases, including utilities, transportation, parks, brownfields restoration, and commercial/industrial structures.

• Requires districts constructing dwelling units to set aside at least 20 percent for low and moderate-income housing and mandates replacement of any low-income housing units removed during development within 4 years.

• Requires annual reporting by districts on expenditures, progress toward goals, and project completion status posted on the legislative body's website.