CA AB687

Creates the Western Riverside County Housing Finance Trust as a joint powers authority comprising Riverside County and western Riverside County cities that are members of the Western Riverside Council of Governments.

Authorizes the trust to fund planning and construction of housing for homeless populations and extremely low, very low, and low-income persons and families as defined in Health and Safety Code Section 50093.

Grants the trust authority to receive public and private financing, issue bonds, certificates of participation, and other debt instruments repayable from received funds.

Requires the trust to incorporate annual financial reporting and auditing requirements into its joint powers agreement to ensure transparency and demonstrate how funds further the trust's purposes.

Establishes the trust's obligation to comply with regulatory guidelines of each state funding source received.