CA SB580

Authorizes local housing authorities to purchase and rehabilitate surplus residential property in Pasadena, South Pasadena, Alhambra, La Cañada Flintridge, and the 90032 postal ZIP Code, with profits from subsequent sales dedicated to affordable housing construction.

Requires historic homes be offered first to housing-related public entities or nonprofit private entities dedicated to rehabilitating and maintaining them for public access before being offered to other housing entities.

Defines "historic home" as single-family surplus residential property listed on or with applications filed for listing on the California Register of Historical Resources, National Register of Historic Places, or equivalent by January 1, 2015.

Establishes the Affordable Housing Trust Account within the Housing Finance Fund to receive net proceeds from subsequent market sales of surplus residential property, with funds continuously appropriated to the California Housing Finance Agency for affordable housing activities in the specified five geographic areas.

Declares the act an urgency statute to take effect immediately to implement the sale of historic properties in the State Route 710 corridor.