Workforce Housing Enhanced Infrastructure Financing Act.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes the Workforce Housing Enhanced Infrastructure Financing Act, allowing cities and counties to create special districts focused on financing the construction and rehabilitation of affordable workforce housing. These districts would use tax increment financing and potentially issue bonds to fund projects that benefit public safety, education, healthcare, and manufacturing personnel. The bill outlines specific requirements for these districts, including affordability criteria for housing units and voter approval for bond issuance.
Key provisions
- Establishes Workforce Housing Enhanced Infrastructure Financing Districts.
- Requires housing developments within these districts to reserve a significant percentage of units for public safety, education, healthcare, and manufacturing personnel.
- Sets affordability requirements for housing units, ensuring a substantial portion are affordable to lower-income households.
- Authorizes the issuance of tax increment bonds to finance projects within the districts, subject to voter approval.
- Requires recorded covenants or restrictions to maintain affordable housing costs for a minimum of 55 years for rental units and 45 years for owner-occupied units.
- Mandates public hearings and voter elections for district formation and bond issuance.
- Specifies requirements for district governing boards, including the preparation of financing plans.
- Addresses potential state-mandated costs and outlines reimbursement procedures.
Bill text
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Sponsors
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1 on record
Primary sponsor
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