CA SB1404

Authorizes the successor agency to the former Redevelopment Agency of the City and County of San Francisco to continue receiving property tax increment revenues and incur indebtedness to fulfill obligations to replace 5,842 affordable housing units demolished during earlier urban renewal efforts.

Limits the successor agency to using no more than six redevelopment project areas under previously amended redevelopment plans, which may be merged with oversight board approval, to fulfill the replacement housing obligations.

Requires that at least 50 percent of revenues received be devoted to assisting development of housing affordable to very low-income households, with no more than 10 percent spent on planning and administrative costs.

Removes time limits on the successor agency's ability to incur debt or receive property tax revenues to repay that debt until all demolished units are replaced, subject to oversight board approval.

Requires the successor agency to report on the number of replacement units funded and completed since 2000 when seeking approval from the oversight board and Department of Finance for bond issuance.