CA AB1543

Requires 20% of residual property tax revenue exceeding amounts distributed between January 1, 2024 and January 1, 2025 to be deposited in Low and Moderate Income Housing Asset Funds starting January 2, 2025, if successor agencies meet specified conditions including receiving a finding of completion from the Department of Finance and having adopted compliant housing elements.

Establishes that funds deposited in Low and Moderate Income Housing Asset Funds under this bill may only be used for predevelopment, development, acquisition, rehabilitation, and preservation of affordable housing for households earning less than 120% of area median income.

Prohibits use of these funds to finance housing units required by state or local affordability requirements, inclusionary zoning, or density bonus incentives, except for developments where 100% of units serve lower income households.

Requires housing successors to include in annual independent financial audits a description of how amounts deposited have been used to meet the jurisdiction's share of regional housing need as determined in adopted housing elements.

Modifies housing element requirements to reference Low and Moderate Income Housing Asset Fund funds instead of tax increment funds received by redevelopment agencies when analyzing financing for preservation of assisted housing developments.