CA AB874

Requires local agencies to offer qualified residential rental projects (100% units for lower-income households) either $0 development impact fees or a deferral loan with 3% simple interest, 55-year term, and repayment through residual receipts

Requires local agencies to offer qualified residential ownership projects (100% units for lower or moderate-income households) either $0 development impact fees or a deferral loan per homebuyer with 3% simple interest, 30-year term or due upon resale

Defines "development impact fee" as fees collected to fund construction of public improvements or facilities, excluding school facility fees and code enforcement/inspection fees

Qualified rental projects must have 100% of non-manager units reserved for lower-income households at affordable rent under a regulatory agreement

Qualified ownership projects must reserve 100% of units for sale to lower or moderate-income households at affordable housing cost