CA SB1435

Requires public agencies with qualified opportunity zones to collect and submit information about development projects funded by opportunity zone funds to the Governor's Office of Business and Economic Development until January 1, 2025.

Mandates reporting on opportunity zone development including property types, housing units created, affordability levels, demolitions, and displacement indicators, with public agencies able to charge reasonable regulatory fees not exceeding compliance costs.

Requires the Office of Planning and Research, in consultation with the Department of Housing and Community Development and other agencies, to issue a report to the Legislature by January 1, 2022 analyzing opportunity zone impacts on displacement, business growth, affordable housing, employment, demographics, and rent increases.

Amends Section 65940 to require development project applicants in opportunity zones to disclose whether projects use qualified opportunity zone fund financing and submit required information under the new reporting provisions.

Applies requirements to all cities, including charter cities, and provides that no state reimbursement is required because local agencies have authority to levy fees sufficient to cover compliance costs.