CA AB480

Defines "dispose" to include sales of surplus property and leases longer than 15 years (effective January 1, 2024), but excludes leases with no development or demolition regardless of term length.

Allows local agencies to exempt certain surplus land from public meeting declaration requirements if they publish notice and allow 30 days for public comment before exemption takes effect.

Expands "exempt surplus land" definition to include properties 10+ acres for housing/mixed-use development through competitive bid process, with at least 25% of units affordable to lower-income households for 55 years (50 years for tribal trust lands).

Establishes penalties of 30% of disposition value for first violations and 50% for subsequent violations when agencies dispose of surplus land in violation of affordability requirements, with penalty funds directed to local housing trust funds.

Extends deadline for completing surplus land dispositions under prior agreements from December 31, 2022/2024 to December 31, 2027, and allows agencies to revive terminated agreements before January 1, 2024.