CA SB593

Expands authority of San Francisco's successor agency to the dissolved redevelopment agency to issue bonds or incur debt to finance development, construction, repair, renovation, or reconstruction of up to 5,842 affordable housing units.

Requires affordable housing units financed through bonds to remain affordable for at least 55 years for rental units and 45 years for owner-occupied units, serving low-, moderate-, extremely low, and very low income households.

Allows bonds to be secured by property tax revenues from the Redevelopment Property Tax Trust Fund that would otherwise be distributed to San Francisco, after paying debt service.

Authorizes San Francisco's successor agency to create enforceable obligations and enter contracts related to affordable housing development, with costs paid solely from available property tax trust fund revenues.

Establishes special law necessity for San Francisco due to unique circumstances of replacing approximately 6,709 affordable housing units demolished during the former redevelopment agency's urban renewal efforts.