CA AB495

Establishes the California Community Investment Program within the Governor's Office of Business and Economic Development to encourage private sector investment in low-income neighborhoods.

Creates a 10-member California Community Investment Council comprised of 6 Governor-appointed citizens (with private sector, community development, and labor expertise), the Treasurer, Controller, Secretary of Business Consumer Services and Housing, and the Director of the Governor's Office of Business and Economic Development.

Establishes a separate 4-member legislative advisory committee (2 Senate members and 2 Assembly members) to advise the Council.

Requires the program to develop a database of low-income neighborhoods, compile public funding resources, establish criteria for "triple bottom-line" investment funds that generate market-rate returns while producing living wage jobs and affordable housing, and report biannually to the Legislature.

Sets a goal of obtaining at least $1,000,000,000 in new private investment by January 1, 2019 through eligible triple bottom-line investment funds in low-income California neighborhoods.