CA SB15

Establishes the Local-State Sustainable Investment Program administered by the Department of Finance, allowing cities, counties, and joint powers agencies to apply for funding for affordable housing and related projects.

Limits program funding to $200,000,000 per fiscal year and $1,000,000,000 total, with at least 20 percent of annual approvals directed to counties with populations under 200,000.

Funds approved projects through reductions in Educational Revenue Augmentation Fund (ERAF) allocations to counties, with redirected revenue placed in each county's Local-State Sustainable Investment Fund.

Requires at least 50 percent of funds be used for affordable housing for households earning up to 120 percent of area median income, with remaining funds available for job creation, neighborhood revitalization, and public safety facilities.

Applicants that have implemented caps on housing approvals, enacted housing moratoriums, or failed to maintain housing element compliance must use 100 percent of funds exclusively for housing and housing-supportive infrastructure.