CA SB747

Defines "dispose" to mean the sale of surplus property or a lease longer than 15 years (including renewal options) entered into on or after January 1, 2024; excludes leases for 15 years or less and leases where no development or demolition will occur.

Expands "agency's use" to include property owned by ports used for logistics, sites for broadband equipment or wireless facilities, and waste disposal sites.

Adds new categories of exempt surplus land, including land owned by California public-use airports where residential use is prohibited, land transferred to community land trusts, and surplus land owned by transportation-focused districts meeting specific affordable housing requirements.

Changes affordable housing affordability period requirements from a blanket 55 years to 55 years for rental housing, 45 years for ownership housing, and 50 years for rental or ownership housing on tribal trust lands.

Redefines penalty calculation to use "applicable disposition value" (fair market value for sales or discounted net present value for leases) and exempts nonsubstantive violations that don't impact affordable housing availability or land disposition from penalties.