CA SB1466

Establishes the Affordable Housing and Community Development Investment Program, administered by a state committee, allowing local agencies to apply for funding by submitting plans that prioritize affordable housing, transit-oriented development, and community revitalization.

Authorizes the committee to approve up to $200 million annually (July 1, 2024–June 30, 2029) and $250 million annually (July 1, 2029–June 30, 2033) in property tax transfers from each county's Educational Revenue Augmentation Fund (ERAF) to fund approved projects.

Requires at least 50 percent of program funding to support affordable housing for households earning 120 percent or less of area median income, with affordability periods of 55 years for rental and 45 years for owner-occupied units.

Permits local agencies to establish affordable housing and community development investment agencies to apply for funding and issue bonds backed by the approved property tax revenue.

Directs the Director of Finance to adjust state General Fund education appropriations to ensure school and community college districts receive no net reduction in funding due to ERAF transfers under this program.