(a) An authority created pursuant to this division shall, by resolution, create a Low and Moderate Income Housing Fund and adopt an affordable housing investment plan that may include either or both of the following:
(1) A provision for the receipt of property tax increment generated within the area.
(2) A provision for the receipt of any tax revenues allocated to the authority pursuant to subdivision (b) of Section 62253.
(b) The plan shall include each of the following elements:
(1) A statement of the principal goals and objectives of the plan.
(2) An affordable housing program that describes how the authority will fulfill its objective and if duties and activities will be assigned to a city or county housing department or public housing authority.
(3) The estimated amount that will be deposited in the Low and Moderate Income Housing Fund during each of the next five years.
(4) Estimates of the number of new, rehabilitated, or price restricted residential units to be assisted during each of the five years and estimates of the expenditures of moneys from the Low and Moderate Income Housing Fund during each of the five years.
(5) A description of how the program will implement the requirements for expenditures of funds in the Low and Moderate Income Housing Fund over a 10-year period at various income levels.
(6) Estimates of the number of units, if any, to be developed by the authority for very low, low-, and moderate-income households during the next five years.
(7) A fiscal analysis setting forth the projected receipt of revenue and projected expenses over a five-year planning horizon, including the potential issuance of bonds backed by property tax increment revenues pursuant to subdivision (a) of Section 62253 during the term of the plan.
(8) Time limits as follows:
(A) Forty-five years for the establishing of loans, advances, and indebtedness.
(B) Forty-five years for repayment of all of the authority’s debts and obligations, and fulfilling all of the authority’s housing obligations. The plan shall specify that an authority shall dissolve as a legal entity in no more than 45 years, and that no further taxes shall be allocated to the authority thereafter. Nothing in this subparagraph shall be interpreted to prohibit an authority from refinancing outstanding debt solely to reduce interest costs.
(9) A feasible method or plan for relocation of families and persons to be temporarily or permanently displaced from housing facilities in the plan area. The method or plan shall be consistent with the requirements of Section 62256.
(c) The authority shall hold a public hearing before adopting an affordable housing investment plan. The authority shall provide notice of that hearing in accordance with Section 6062. The authority shall consider any comments made on the plan at that hearing before adopting the plan.
(Amended by Stats. 2018, Ch. 862, Sec. 3. (AB 2035) Effective January 1, 2019.)