CA AB2829

Adds new property tax welfare exemption for qualified rental housing properties serving moderate-income households (80-120% of area median income) effective January 1, 2021 through January 1, 2041.

Provides partial exemption equal to the percentage of units serving moderate-income households, requiring owners to certify under penalty of perjury that moderate-income rents are at least 20% below fair market rent for comparable new construction.

Requires annual rent increases limited to the percentage increase in area median income as determined by HUD, with units continuing to qualify even if tenant income rises to 140% of area median income.

Exemption applies to properties with 3+ units that are either constructed on public land with local/state funding or subject to recorded regulatory agreements reserving at least 20% of units for moderate-income households.

Requires Legislative Analyst to annually review exemption effectiveness beginning January 1, 2022 through January 1, 2042, with State Board of Equalization providing data and county assessors supplying information upon request; state shall not reimburse local agencies for lost property tax revenue.