CA AB447

Revises findings and declarations in Government Code Section 8869.80 regarding the California Debt Limit Allocation Committee's role in implementing federal volume limits on private activity bonds.

Expands the definition of "at risk of conversion" for existing rental housing eligible for low-income housing tax credits to include more types of governmental assistance programs and adds requirement that 50% of units be restricted to initial occupancy by lower income households.

Makes retrofit and repurposing projects of existing nonresidential structures (including hotels and motels) converted to residential use within the previous 5 years eligible for allocations from the additional $500 million state credit pool for calendar years 2020 and beyond.

Requires the California Tax Credit Allocation Committee and California Debt Limit Allocation Committee to develop a new allocation methodology for 2021 and thereafter aimed at increasing production and containing costs, with a scoring system that considers unit production, proximity to transit and amenities, location, and affordability to very low and extremely low income households.

Implements changes to low-income housing tax credit provisions in Revenue and Taxation Code Sections 12206, 17058, and 23610.5 to align with the expanded eligibility and allocation methodologies.