CA AB2224

Expands the definition of "excess surplus" for housing successors in Indian Wells, La Quinta, and Yolo County to include unencumbered funds exceeding $1,000,000 or the aggregate amount deposited during the preceding 8 fiscal years (instead of 4 years) for entities that own and operate affordable housing transferred from former redevelopment agencies.

Allows housing successors with extended excess surplus thresholds to have additional time and flexibility to encumber or transfer those funds for affordable housing development or transit priority projects before mandatory transfer to the state.

Makes findings that California needs 1.4 million more affordable rental units and that increased flexibility with housing successor funds will free up resources to build additional affordable housing.

Clarifies that the special provision applies only to housing successors in the City of Indian Wells, the City of La Quinta, and the County of Yolo that own and operate affordable housing assets transferred from former redevelopment agencies.