CA AB1445

Expands authority to establish downtown revitalization and economic recovery financing districts from only San Francisco to any city, county, or city and county in California for financing commercial-to-residential conversion projects using incremental tax revenues

Requires districts outside San Francisco to finance only conversion projects where at least 75% of the site perimeter adjoins urban uses, the commercial office vacancy rate is 20% or greater, and the project is within a transit priority area

Sets affordability requirements for projects receiving tax distributions: at least 5% of rental units for very low income households, 10% for lower income households, or 10% of for-sale units for moderate income households (with 55-year or 45-year minimum affordability periods)

Requires commercial-to-residential conversion projects that opt in to receive incremental tax revenue to comply with prevailing wage requirements and specified labor standards based on project size and building height

Districts must cease to exist within 45 years from the first distribution to a conversion project, with projects eligible to opt in and receive tax increment distributions for a maximum of 30 years; opt-in eligibility ends December 31, 2032