CA AB1933

Provides a property tax exemption for land held by qualifying nonprofits for construction of affordable housing for low-income first-time homebuyers, operative for lien dates from January 1, 2023 through January 1, 2028

Requires properties to be subject to a 45-year recorded agreement mandating owner-occupied units with initial downpayments of 5 percent or less and affordable housing costs not exceeding 30 percent of gross income

Limits exemption to the portion of mixed-income developments with qualifying affordable units and requires nonprofits to conduct annual independent audits made available to local agencies and the Department of Housing and Community Development

Makes nonprofits liable for back property taxes if construction is not completed or in progress by January 1, 2028 (for pre-2023 acquisitions) or within five years of acquisition (for 2023-2028 acquisitions)

Requires the State Board of Equalization to report annually to the Legislature through June 1, 2028 on the assessed value exempted and number of dwelling units created under the exemption, with no state reimbursement to local agencies for lost property tax revenues