Adaptive Reuse Investment Incentive Program.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Housing and Community Development
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
California Assembly Bill 2079 creates an Adaptive Reuse Investment Incentive Program to encourage the revitalization of older buildings in cities and counties. The bill expands the definition of ‘qualified adaptive reuse project property’ to include projects that meet certain requirements, regardless of whether they meet affordability or labor standards outlined in the Office to Housing Conversion Act. Cities and counties can then provide financial incentives to project proponents, subsidizing both affordable housing and the overall project’s housing units, using property tax revenue.
Key provisions
- Expands the definition of ‘qualified adaptive reuse project property’ to include projects meeting certain requirements, regardless of affordability or labor standards.
- Allows cities and counties to establish an adaptive reuse investment incentive program.
- Provides financial incentives to project proponents through property tax revenue.
- Incentives can subsidize both affordable housing units and the overall housing units of the project.
- The program can provide funding for up to 30 consecutive fiscal years.
- Payments begin after a certificate of occupancy is issued.
- Cities or special districts can also contribute to the program using property tax revenue.
- The program aims to revitalize California downtown areas.
Who is affected
- Cities and Counties
- Developers of Adaptive Reuse Projects
Bill text
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Sponsors
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1 on record
Primary sponsor
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