CA AB482

Reenacts a pilot program allowing housing authorities in the City of San Diego, County of San Bernardino, and County of Santa Clara to develop and finance middle-income housing projects using gap financing from specified funds.

Middle-income housing projects must include at least 40 percent low-income units and at least 10 percent middle-income units, with gap financing approved by the housing authority's legislative body after a public hearing.

Requires housing authorities to submit reports to the Legislature on or before January 1, 2024, and every 2 years thereafter, containing data on units produced, gap financing amounts, affordability levels, and affordability terms.

Prohibits gap financing from public sources to units occupied at or above market-rate rents and does not require housing authorities to implement the pilot program.

Repeals these provisions on January 1, 2027.