CA AB3152

Creates a new property tax exemption for qualified rental housing serving moderate-income households, effective January 1, 2019, equal to the percentage of units occupied by moderate-income households.

Applies only to properties in high-cost counties with five or more units where construction commences on or after January 1, 2019, owned and operated by nonprofit religious, hospital, scientific, or charitable organizations.

Requires property owners to certify under penalty of perjury that units are restricted for moderate-income households (80-120 percent of area median income) and rents are at least 10 percent below fair market rent as determined by the federal Department of Housing and Urban Development.

Requires property owners to certify that property tax savings are used to maintain affordability or reduce rents for moderate-income units.

Prohibits state reimbursement to local agencies for property tax revenue losses resulting from this exemption.