CA AB1717

Establishes the Transit-Oriented Affordable Housing Funding Program administered by the California Housing Finance Agency (CalHFA) to finance multifamily housing developments near transit areas through tax increment financing.

Authorizes cities to create transit-oriented affordable housing districts that can designate program areas within one-half mile of major transit stops or one-quarter mile of high-quality bus corridors and provide funding to qualifying multifamily housing developments.

Requires participating multifamily housing developments to include minimum percentages of affordable units (5% very low income, 10% lower income, or 15% moderate income) with 55-year affordability restrictions, with maximum funding amounts and tax division terms based on affordability levels.

Creates the Transit-Oriented Affordable Housing Trust Fund and authorizes CalHFA to issue revenue bonds secured by tax increment revenues remitted by districts, with bond proceeds allocated back to districts proportionate to their contributions.

Requires districts to pass through a portion of tax increment revenues to affected taxing entities to compensate them for lost tax revenue and includes provisions for projects on sites with existing affordable rental units requiring replacement of those units.