SB 133 Summary

• Requires redevelopment agencies to include major audit violations, corrective measures, and detailed planning/administrative expenses in annual reports submitted to legislative bodies within 30 days of receipt.

• Establishes the Redevelopment Agency Accountability Fund, funded by 0.05% of tax increment deposited into Low and Moderate Income Housing Funds, to support Department of Housing and Community Development audits of agency compliance with housing provisions.

• Caps planning and general administrative expenses at 10-15% of Low and Moderate Income Housing Fund deposits and requires at least 75% of fund expenditures to assist extremely low, very low, low, and moderate-income housing, with specific minimum percentages for extremely low and very low income categories.

• Modifies replacement housing obligations to require agencies to replace destroyed affordable units within the same income category and establishes minimum order requirements if courts find agency non-compliance, including prohibiting debt issuance except for housing purposes.

• Requires agencies to complete development activities or secure financing within 5 years of acquiring property with housing fund moneys, or reimburse the fund 150% of acquisition and maintenance costs or current fair market value, whichever is greater.