Plain English Breakdown
The official source mentions the bill makes various conforming and technical changes, but does not detail them.
Downtown Revitalization and Economic Recovery Financing Districts
This law allows cities and counties, except San Francisco, to create special districts that use extra property taxes from turning commercial buildings into homes.
What This Bill Does
- Authorizes any city or county, other than the City and County of San Francisco, to establish a downtown revitalization and economic recovery financing district.
- Allows these districts to finance specified projects that convert commercial spaces into residential housing using extra property taxes generated by those conversions.
- Requires the first payment of tax money to happen in the fiscal year after a project gets its certificate of occupancy or passes final inspection if no certificate is issued.
- Removes the rule requiring projects to follow San Francisco's specific labor standards and replaces it with other specified labor rules.
- Eliminates existing requirements for setting aside property tax revenue in special district funds when those districts end.
Who It Names or Affects
- Cities, counties, or city-counties outside of the City and County of San Francisco
- Property owners who convert commercial buildings into residential housing within these new districts
Terms To Know
- Commercial-to-residential conversion projects
- Construction work that changes a building used for business, like an office or store, into apartments or homes.
- Incremental tax revenues
- The extra property taxes collected because the value of a building increased after it was converted to residential use.
- Certificate of occupancy
- An official document from the city stating that a new or changed building is safe and ready for people to live in.
Limits and Unknowns
- The law does not apply to the City and County of San Francisco, which already has its own rules.
- The text states projects must follow 'specified labor standards' but does not list exactly what those new standards are in this summary.