CA AB901

Authorizes cities and counties to establish affordable housing financing districts to finance development of affordable housing and related infrastructure within their boundaries through property tax increment revenue.

Requires districts to spend at least 80% of tax increment funds on affordable housing construction and preservation, with no more than 20% on related infrastructure.

Establishes the Affordable Housing Tax Increment Pooling Trust Fund and authorizes districts to contract with the California Housing Finance Agency to pool tax revenues and issue revenue bonds secured by those pooled revenues.

Requires districts to maintain housing affordability for at least 55 years for rental units and 45 years for owner-occupied units, and mandates replacement housing at 1:1 ratio if existing low-income units are displaced.

Creates the Affordable Housing Financing Fund and Tax Increment Pooling Loss Reserve Account to provide backup funding for bond debt service if pooled revenues prove insufficient.