TITLE 6.5. Regional Housing Finance Authorities [62500. - 62592.]
Title 6.5 added by Stats. 2024, Ch. 767, Sec. 1.
§§ 62500–62592 · 45 sections
PART 1. Authority Formation §§ 62500–62531 · 17 sections
CHAPTER 1. General Provisions §§ 62500–62503 · 3 sections
- § 62500 This title shall be known, and may be cited, as the Regional Housing Finance Act.
- § 62502 For purposes of this title: (a) “Affordable housing” means housing that is subject to an affordability restriction or equity sharing agreement with a public…
- § 62503 The Legislature finds and declares that providing a regional financing mechanism for affordable housing production and preservation throughout the state is a…
CHAPTER 2. Governing Structure §§ 62505–62510 · 7 sections
- § 62505 (a) (1) Except as provided in Section 62505.1, two or more local governments may establish a regional housing authority pursuant to this title. (2) The…
- § 62505.1 An entity that is located within the jurisdiction of the Bay Area Housing Finance Authority established pursuant to Section 64510 or the Los Angeles County…
- § 62506 (a) An authority shall be governed by a board of directors consisting of a minimum of three directors. All directors shall be elected officials representing…
- § 62507 (a) The authority board may make and enforce rules and regulations necessary for governing the authority, the preservation of order, and the transaction of…
- § 62508 (a) The authority board shall hold its first meeting at a time and place within the jurisdiction of the local governments that established the authority. (b)…
- § 62509 Five years after the voters approve an initial ballot measure pursuant to Section 62521, the authority shall review the implementation of the measure. The…
- § 62510 (a) (1) The board shall form an advisory committee with knowledge and experience in the areas of affordable housing finance, development, and management,…
CHAPTER 3. Authority Powers §§ 62520–62524 · 5 sections
- § 62520 In implementing this title, an authority may do all of the following: (a) Place one measure per election on the ballot to raise revenue and allocate funds…
- § 62521 (a) If the authority proposes a measure pursuant to Part 2 (commencing with Section 62540) that will generate revenues and that requires voter approval…
- § 62522 An authority shall only have the power to exercise the land use authority and set development parameters as provided in Section 62520 if the authority includes…
- § 62523 An authority shall not acquire property by eminent domain.
- § 62524 Actions taken by an authority to raise, administer, or allocate funding for affordable housing preservation, new affordable housing production, or to provide…
CHAPTER 4. Financial Provisions §§ 62530–62531 · 2 sections
- § 62530 The authority board shall provide for regular audits of the authority’s accounts and records and shall maintain accounting records and shall report accounting…
- § 62531 The authority board shall provide for annual financial reports. The authority board shall make copies of the annual financial reports available to the public.
PART 2. Authority Financing Activities §§ 62540–62592 · 28 sections
CHAPTER 1. General Provisions § 62540 · 1 section
- § 62540 (a) An authority may raise and allocate new revenue through both of the following funding mechanisms: (1) Special taxes, subject to voter approval, as provided…
CHAPTER 2. Revenue §§ 62550–62586 · 23 sections
ARTICLE 1. Special Taxes §§ 62550–62554 · 7 sections
- § 62550 (a) Subject to Section 4 of Article XIIIA of the California Constitution, the authority may impose, by resolution, a parcel tax within the jurisdiction of the…
- § 62551 (a) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special tax, measured by gross receipts,…
- § 62551.1 (a) (1) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special tax measured by the number of…
- § 62551.2 (a) Subject to Section 4 of Article XIIIA of the California Constitution, an authority may impose, by resolution, a special parcel tax on a property owner, and…
- § 62552 The special taxes authorized in this article may also be imposed by qualified voter initiative.
- § 62553 (a) An authority shall consult with relevant local governments to identify the most efficient and appropriate method of administering and collecting any tax…
- § 62554 All special taxes levied pursuant to this article shall be administered in the following manner: (a) Taxes collected shall be deposited in a separate fund,…
ARTICLE 2. Commercial Linkage Fee §§ 62570–62578 · 9 sections
- § 62570 As used in this article: (a) “Commercial development project” means any project involving the issuance of a permit by an underlying land use jurisdiction for…
- § 62571 (a) (1) Subject to paragraph (4), the authority may establish, increase, or impose a commercial linkage fee, in an amount not to exceed ten dollars ($10) per…
- § 62572 (a) A commercial linkage fee established, increased, or imposed pursuant to this article shall not exceed the reasonable cost of providing the housing…
- § 62573 (a) Before adopting a resolution establishing or imposing a new commercial linkage fee or approving an increase in an existing commercial linkage fee pursuant…
- § 62574 (a) Except as otherwise provided in subdivision (c), if the authority board adopts a resolution or other legislative enactment establishing or imposing a new…
- § 62575 (a) Any party may protest the imposition of a commercial linkage fee imposed on a commercial development project by the authority pursuant to this article as…
- § 62576 (a) In any judicial action or proceeding to validate, attack, review, set aside, void, or annul any resolution providing for the establishment, increase, or…
- § 62577 (a) Any person may request an audit in order to determine whether any fee or charge levied by the authority board exceeds the amount necessary to cover the…
- § 62578 Any action by the authority board or interested person under this article shall be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of…
ARTICLE 3. Bonds §§ 62580–62586 · 7 sections
- § 62580 The authority board may, by majority vote, initiate proceedings to issue general obligation bonds pursuant to this chapter by adopting a resolution stating its…
- § 62581 (a) The authority may incur or refund general obligation bonded indebtedness, secured by the levy of ad valorem property taxes, pursuant to Article XIIIA of…
- § 62582 (a) (1) For purposes of this section, “authority revenues” includes, without limitation, revenues generated by any of the following: (A) Any special tax, fee,…
- § 62583 (a) The authority or any person executing the bonds issued pursuant to this title shall not be personally liable on the bonds by reason of their issuance. (b)…
- § 62584 (a) Every two years after the issuance of bonds pursuant to this section, the authority shall contract for an independent financial and performance audit. The…
- § 62585 Bonds issued pursuant to this article are fully negotiable.
- § 62586 Any action to determine the validity or adoption of any tax, fee, or other charge provided for in, or the validity of bonds issued pursuant to, this title, or…
CHAPTER 3. Expenditures §§ 62590–62592 · 4 sections
- § 62590 (a) Revenue generated pursuant to this part shall be used for any of the following purposes: (1) The development of affordable home ownership and rental…
- § 62590.1 (a) Notwithstanding any other provision of this title, an authority board may make a finding that market rate rents or housing costs are unaffordable to…
- § 62591 The authority shall monitor expenditures in coordination with local jurisdictions. The authority board may adopt guidelines applicable to such funds as deemed…
- § 62592 To ensure oversight and accountability, an authority shall prepare and submit an annual report to the Legislature, in conformance with Sections 9795 and 53411,…