§ 62590.1. — 62590.1. (Added by Stats. 2024, Ch. 767, Sec. 1.)

California § 62590.1.

• Jurisdiction: California
• Code GOV: Government Code - GOV
• Title 6.5.: TITLE 6.5. Regional Housing Finance Authorities
• Part 2.: PART 2. Authority Financing Activities
• Ch. 3.: CHAPTER 3. Expenditures

Text

(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 households at 120 percent of the area median income in a particular geographic area of the district. An authority that makes this finding may utilize a higher income limitation for housing developed and preserved within that particular geographic area of the district, provided that the income limitation does not exceed 150 percent of the area median income.
(b)
When making a finding pursuant to subdivision (a), an authority shall utilize data on the employment and economy, population, household, and income trends, comparable rents, and demand and absorption rate of the particular
geographic area to demonstrate that the higher income limitation is necessary to advance the purposes of this title.

Legislative History

Added by Stats. 2024, Ch. 767, Sec. 1. (SB 440) Effective January 1, 2025.