CA SB481

Authorizes the successor agency to the Redevelopment Agency of the County of Sacramento to sell the San Juan Hotel and Mobile Home Park property (2.55 acres at 5700 Stockton Boulevard) for less than fair market value.

Requires that any below-market-value sale include an enforceable covenant ensuring the property is used for housing affordable to and occupied by low, very low, and extremely low income households.

Limits this authority to disposals made to the City of Sacramento or the housing successor to the Redevelopment Agency of the City of Sacramento.

Sunsets this provision on January 1, 2022, after which it is repealed.

Establishes legislative findings that the statute serves the public purpose of encouraging affordable housing construction and does not constitute a gift of public funds.