CA AB2818

Requires county assessors to consider 99-year renewable ground leases between community land trusts and low or moderate-income homeowners as enforceable use restrictions when valuing property for tax purposes.

Defines "community land trust" as a 501(c)(3) nonprofit organization whose primary purpose is creating permanently affordable single-family or multifamily residences with affordability restrictions lasting at least 99 years.

Requires affordability restrictions to limit resale to qualified low or moderate-income owners at prices determined by formulas ensuring affordability, with a community land trust purchase option to preserve long-term affordability.

Specifies that a public agency director (housing authority, county counsel, city attorney, county/city housing department director) must make a finding that affordability restrictions serve the public interest for the property tax reduction to apply.

Prohibits the state from reimbursing local agencies for property tax revenues lost under this act, effective immediately upon approval on September 27, 2016.