AB 411 Summary

• Authorizes the City of Santa Cruz to use remaining bond proceeds (from bonds issued after January 1, 2011) for affordable housing and homeless facilities instead of requiring the proceeds to be used to defease or repurchase bonds, provided uses are consistent with original bond covenants.

• Allows up to 10% of remaining bond proceeds to be used for affordable housing for moderate-income persons and families, with remaining proceeds expended per Section 34176.1 requirements.

• Requires the Last and Final Recognized Obligation Payment Schedule to be adjusted to allocate Redevelopment Property Tax Trust Fund revenues to the Santa Cruz Successor Agency for paying remaining principal and interest on bonds.

• Mandates that if affordable housing units are demolished due to use of remaining bond proceeds, the new housing development must replace those units at equivalent size and affordability levels.

• Incorporates provisions from SB 532 regarding Glendale's similar authority to use remaining bond proceeds for affordable housing development.