CA AB2493

Extends the deadline for successor housing entities to use bond proceeds from January 1, 2011 to June 28, 2011 for affordable housing purposes, rather than the previous January 1, 2011 cutoff.

Requires bond proceeds issued between January 1, 2011 and June 28, 2011 to be used only for projects meeting specific sustainability and planning criteria, including consistency with regional greenhouse gas emission reduction strategies and documented planning activities prior to December 31, 2010.

Expands successor agencies' authority to expend excess bond proceeds from bonds issued on or before June 28, 2011 (previously December 31, 2010) in a manner consistent with original bond covenants upon receiving a finding of completion from the Department of Finance.

Requires construction contracts over $100,000 funded by these bond proceeds to include prevailing wage provisions and contracts over $250,000 to require contractor financial documentation demonstrating capacity for large projects.

Allows cities, counties, or city-counties that funded eligible projects with non-redevelopment funds between June 28, 2011 and the bill's effective date to seek reimbursement using 2011 bond proceeds if the project meets the bond's original purpose.