CA AB974

Extends the deadline for housing successor entities to designate use of bond proceeds from January 1, 2011 to June 28, 2011 for affordable housing purposes.

Requires bond proceeds issued between January 1, 2011 and June 28, 2011 to be used only for projects meeting specified criteria including consistency with sustainable communities strategies, significant planning actions completed by December 31, 2010, and prevailing wage requirements.

Expands authorization for successor agencies to expend excess bond proceeds to include bonds issued on or before June 28, 2011 (previously December 31, 2010).

Requires refinancing of bonds issued between January 1, 2011 and June 28, 2011 if proceeds can be used for qualifying projects, to reduce debt service costs through lower interest rates.

Mandates that unused bond proceeds from the January 1 to June 28, 2011 period be used to defease or purchase bonds for cancellation if projects cannot meet the specified requirements.