AB 2813 (Aguiar-Curry D) Government Investment Act.

Current Text: Chaptered: 7/18/2024 

Last Amend: 6/26/2024

Status: 7/18/2024-Chaptered by Secretary of State - Chapter 155, Statutes of 2024

Location: 7/18/2024-A. CHAPTERED

Summary: The Proposition 218 Omnibus Implementation Act defines various terms and prescribes procedures and parameters for local jurisdictions to comply with specified provisions of the California Constitution. This bill, for purposes of ACA 1, would define "affordable housing" to include rental housing, ownership housing, interim housing, and affordable housing programs such as downpayment assistance, first-time homebuyer programs, and owner-occupied affordable housing rehabilitation programs, that are affordable to households earning up to 150% of countywide median income. The bill would require a local government to ensure that any project that is funded with ACA 1 bonded indebtedness to have an estimated useful life of at least 15 years or 5 years if the funds are for specified public safety facilities, infrastructure, and equipment. The bill would define "public infrastructure" to exclude the construction, reconstruction, rehabilitation, or replacement of a sports stadium or arena where the majority of the use of the facility is for private ticketed activities. The bill would prohibit ACA 1 bonded indebtedness from being used for the acquisition or lease of any real property that has, at the time of acquisition or lease, been improved with one to 4 dwelling units, except as specified.