CA AB1084

Expands the definition of "excess surplus" for housing successors in Indian Wells, La Quinta, and Yolo County to use an 8-year lookback period instead of 4 years for calculating aggregate deposits into the Low and Moderate Income Housing Asset Fund.

Allows these three jurisdictions to maintain larger unencumbered balances in their housing funds (the greater of $1,000,000 or 8 years of deposits) before being required to encumber or transfer excess funds within 3 fiscal years.

Applies only to entities that own and operate affordable housing transferred from former redevelopment agencies in these specific jurisdictions.

Legislature finds that this special statute is necessary due to unique capital improvement and maintenance needs for affordable housing owned and operated by housing successors in Indian Wells, La Quinta, and Yolo County.