CA AB346

Expands permitted uses of Low and Moderate Income Housing Asset Funds to include contributions toward construction of local or regional homeless shelters as part of homeless prevention and rapid rehousing services.

Allows housing successors to transfer funds among their respective Low and Moderate Income Housing Asset Funds to finance regional homeless shelters, in addition to existing permitted projects like transit priority projects and permanent supportive housing.

Maintains the $250,000 per fiscal year cap for homeless prevention and rapid rehousing services, now inclusive of shelter construction contributions.

Requires housing successors to meet specified conditions when transferring funds for regional homeless shelters, including findings that transfers will not cause segregation and compliance with housing element standards.