AB 2492 Summary

• Authorizes calculation of community revitalization and investment authority eligibility using a combination of census tracts and census block groups, and expands income threshold options to include countywide or citywide median income in addition to statewide.

• Allows authorities to carry out community revitalization plans in areas where census tracts or block groups are located within a disadvantaged community as defined in Health and Safety Code Section 39711.

• Grants authorities the ability to receive funds allocated through resolutions adopted by cities, counties, or special districts from specified tax and assessment revenue sources, subject to restrictions on fund use.

• Maintains existing requirements for three separate public hearings at least 30 days apart, with protest procedures and voter confirmation if 25-50 percent of property owners and residents file objections.

• Preserves existing authority powers including infrastructure funding, low- and moderate-income housing provision, hazardous substance remediation, seismic retrofits, property acquisition, bond issuance, and business assistance within plan areas.