CA AB598

Prohibits the Bay Area Housing Finance Authority (BAHFA) from rendering projects ineligible for funding based on the presence or absence of any city, county, or city and county land use or housing policies, while allowing project-specific conditions to prioritize projects for funding.

Prohibits BAHFA from imposing additional conditions beyond those specified for a county expenditure plan to be deemed complete, but allows BAHFA to enter into agreements with counties or cities to ensure implementation of funding requirements.

Maintains existing funding allocation requirements: at least 80% of revenues to county of origin, up to 20% for regional expenditures (or 50%/50% split for certain bond measures), with minimum shares for affordable housing production (52%), preservation (15%), and tenant protection (5%).

Requires counties to adopt expenditure plans specifying proposed revenue allocations and demonstrating five-year compliance with minimum allocation percentages, with allowable deviations only through two-thirds votes by both the executive board and authority board.

Includes legislative findings declaring that a special statute is necessary for the San Francisco Bay area due to the acute housing crisis and uniquely severe shortage of affordable housing funding across the nine-county region.