CA AB1476

Establishes the Community Redevelopment Law of 2023, authorizing cities and counties to form community and affordable housing reinvestment agencies to finance infrastructure and housing projects through tax increment revenue division.

Requires agencies to deposit at least 30% of allocated tax revenues into a separate fund exclusively for low- and moderate-income housing, with affordability requirements of 55 years for rentals and 45 years for owner-occupied units.

Creates a governance structure with a board consisting of one member appointed by the legislative body, one member from each affected taxing entity, and two public members; requires annual independent financial audits and detailed reporting.

Mandates Strategic Growth Council approval based on determining that agency formation would not exceed a specified state fiscal impact threshold and would promote statewide greenhouse gas reduction goals.

Requires the Director of Finance to adjust General Fund appropriations to school districts and community colleges to ensure the tax division creates no net fiscal impact on education funding pursuant to California Constitution Article XVI, Section 8.