CA AB1778

Authorizes cities and counties to form transit-oriented redevelopment agencies by adopting a resolution of intention and holding a public hearing, with approval from the legislative body after consulting affected taxing entities.

Agencies may finance affordable housing and transit-oriented development projects (commercial, residential, or mixed-use within one quarter mile of transit facilities), including acquisition, construction, rehabilitation, and planning work.

Establishes a governing board consisting of 2 members appointed by the legislative body, 1 member from each affected taxing entity, and 2 public members, subject to open meeting and public records laws.

Allows agencies to issue bonds to finance developments and requires independent financial and performance audits every 2 years after debt issuance, with results provided to the Controller and Joint Legislative Budget Committee.

Requires agencies to submit annual reports to their governing boards within 6 months of fiscal year-end, containing audit reports, fiscal statements, descriptions of activities, property ownership details, and other specified information, with copies filed to the Controller and Department of Housing and Community Development.