CA AB2669

Expands definition of "related facilities" in the welfare exemption for rental housing to include commercial space meeting four specific criteria: less than 10,000 square feet, unoccupied or occupied by a retail chain with no more than 3 stores, comprising no more than 20% of total development square footage, and in developments no more than 10 years old.

Maintains existing partial exemption equal to the percentage of property value corresponding to the percentage of units serving lower-income households in qualified rental housing developments owned and operated by nonprofit entities or veterans' organizations.

Establishes that the state shall not reimburse local agencies for property tax revenues lost due to this act, notwithstanding existing Section 2229 of the Revenue and Taxation Code.

Provides that if the Commission on State Mandates determines the act imposes costs on local agencies, reimbursement shall be made pursuant to Part 7 of Division 4 of Title 2 of the Government Code.

Takes effect immediately as a tax levy.