CA AB3037

Authorizes cities and counties to form redevelopment housing and infrastructure agencies to finance affordable housing, transit projects, parks, flood control, sewage treatment, child care facilities, and other infrastructure improvements

Requires agencies to deposit at least 30% of allocated tax increment revenues into a separate fund dedicated to increasing and preserving low- and moderate-income housing, with affordability restrictions lasting 55 years for rental units and 45 years for owner-occupied units

Establishes a multi-step formation process requiring a resolution of intention, public hearing, Strategic Growth Council review for greenhouse gas reduction goals, and Department of Finance approval, with caps on statewide fiscal impact

Mandates passthrough payments to affected taxing entities (excluding the forming city/county and school entities) equivalent to what they would have received from property taxes in the absence of the agency

Agencies must cease to exist no more than 45 years after bond issuance, submit annual reports to the Controller, undergo independent audits every 2 years after issuing debt, and maintain detailed records for 15 years with $10,000 penalties per violation for non-compliance