Plain English Breakdown
The official text states the program commences in the 2026–27 fiscal year but does not provide a specific effective date for this bill's changes beyond that timeframe.
Adaptive Reuse Investment Incentive Program
This law expands a state program that gives money to developers who turn old buildings into homes, allowing more projects to get funding even if they do not meet certain housing or worker requirements.
What This Bill Does
- Expands which building projects can receive incentive funds by including those that may not meet affordability criteria or labor standards specified in the Office to Housing Conversion Act.
- Requires cities and counties with this program to pay funds to subsidize all of a project's housing units, not just the affordable ones.
- Allows special districts to share property tax revenue growth with local governments to help fund these housing units.
- States that the Legislature intends to use adaptive reuse policies to revitalize California downtown areas.
Who It Names or Affects
- Cities and counties that choose to run the Adaptive Reuse Investment Incentive Program.
- Developers who propose turning existing buildings into housing under the Office to Housing Conversion Act.
- Special districts that may contribute property tax revenue growth to support these projects.
Terms To Know
- Adaptive reuse
- Changing an old building, like an office, into a new use, such as housing.
- Ministerial review
- A simple approval process where officials must say yes or no based on clear rules without using personal judgment.
- Proponent
- The person or company that proposes and builds the project.
Limits and Unknowns
- Cities and counties are not required to start this program; they can choose whether to participate.
- The law does not specify exactly how much money each city must pay for every housing unit, only that funds will be paid upon approval of the governing body.