CA AB2475

Establishes the Local Government Affordable Housing Forgivable Loan Program within the California Infrastructure and Economic Development Bank to provide loans to cities, counties, and city-counties for affordable housing development

Allows local governments to have half of loan principal and interest forgiven if affordable housing meets requirements including 75% of units affordable to very low or extremely low income households, 55-year affordability restrictions, and local government matching funds equal to the loan amount

Allows complete loan forgiveness if local governments also waive at least 50% of development and permitting fees and provide onsite access to social and medical services for residents

Requires the bank's board to consult with the Strategic Growth Council and California Housing Finance Agency before determining whether a local government qualifies for loan forgiveness

Requires a two-thirds vote for passage and makes an appropriation from the continuously appropriated California Infrastructure and Economic Development Bank Fund