CA SB532

Authorizes the successor agency in the City of Glendale to use remaining bond proceeds (from bonds issued on or after January 1, 2011) for predevelopment, development, acquisition, rehabilitation, and preservation of affordable housing, rather than requiring those proceeds to be used to defease bonds or purchase them for cancellation.

Requires that affordable housing funded by these bond proceeds must be available at affordable housing cost for 55 years (rental) or 45 years (owner-occupied) and serve low, moderate, very low, or extremely low income households as defined by Health and Safety Code sections.

Mandates that if affordable housing units are demolished due to this development, the proposed housing must replace those units with equivalent-sized units for the same or lower income categories.

Requires the Last and Final Recognized Obligation Payment Schedule to be adjusted to allocate revenues from the Redevelopment Property Tax Trust Fund to pay remaining principal and interest on bonds if bond proceeds are used for affordable housing.

Requires all units in projects funded under this authority to be affordable housing (100 percent affordability requirement) and allows only oversight board approval for expenditures.