CA AB2031

Authorizes cities or counties to reject property tax revenue allocations from dissolved redevelopment agencies and redirect those funds to newly created affordable housing special beneficiary districts.

Establishes affordable housing special beneficiary districts as temporary local governmental entities governed by 5-member boards to receive rejected distributions and provide financing assistance for affordable housing development.

Automatically dissolves beneficiary districts on the earlier of 90 days after successor entity dissolution approval or 20 years after receiving a finding of completion from the Department of Finance.

Prohibits beneficiary districts from undertaking obligations requiring action after their dissolution date and transfers remaining funds and public records to the rejecting city or county upon cessation.

Requires beneficiary districts to comply with the Ralph M. Brown Act (open meetings) and California Public Records Act, with all funds used exclusively for promoting affordable housing development within district boundaries.