SB 593: Redevelopment: successor agency debt: City and County of San Francisco.

Existing law dissolved redevelopment agencies and community development agencies as of February 1, 2012, and provides for the designation of successor agencies to, among other things, wind down the affairs of the dissolved redevelopment agencies and make payments due for enforceable obligations. Existing law, among other powers granted to successor agencies generally, additionally vests the successor agency to the former Redevelopment Agency of the City and County of San Francisco with the authority, rights, and powers of that former redevelopment agency solely for the purpose of issuing bonds or incurring other indebtedness, subject to the approval of the oversight board of the successor agency, to finance the construction of affordable housing and infrastructure required by specified development agreements. Under existing law, these bonds and indebtedness are considered indebtedness incurred by the dissolved redevelopment agency secured by moneys deposited in the Redevelopment Property Tax Trust Fund established for that agency.

This bill would expand this authority to include bonds issued and other indebtedness incurred to finance the development, construction, repair, renovation, or reconstruction of affordable housing units that are or remain affordable to, and occupied by, persons and families of low-, moderate-, extremely low, and very low income households for at least 55 years for rental units and 45 years for owner-occupied units, subject to specified conditions and authorizations. The bill would specify the security requirements for the bonds issued or other indebtedness incurred to finance the development, construction, repair, renovation, or reconstruction of affordable housing units.

This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco.

This bill would incorporate additional changes to Section 34177.7 of the Health and Safety Code proposed by AB 143 and SB 143 to be operative only if this bill and either of those bills are enacted and this bill is enacted last.