Added by Stats. 2025, Ch. 493, Sec. 2. (AB 507) Effective January 1, 2026. Operative July 1, 2026, pursuant to Section 51299.4.
(a)Commencing in the 2026–27 fiscal year, the governing body of a city or county, or city and county, may, by ordinance or resolution, establish an adaptive reuse investment incentive program pursuant to this chapter.
(b)(1) A city or county, or city and county, that establishes a program shall, upon the approval by a majority of the entire membership of its governing body of a written request therefor, pay adaptive reuse investment incentive funds to the proponent of a qualified adaptive reuse project property to subsidize the affordable housing units, as required pursuant to Article 11.5 (commencing with Section 65658) of Chapter 3 of
Division 1 of Title 7, for up to 30 consecutive fiscal years. Nothing in this
paragraph shall prohibit a city or county, or city and county, from paying adaptive reuse investment incentive funds to a proponent pursuant to this paragraph for a period of fewer than 30 years.
(2)A request for the payment of adaptive reuse investment incentive funds shall be filed by a proponent in writing with the governing body of the city or county in the time and manner established by that governing body.
(c)After a city or county, or city and county, approves a request for the payment of adaptive reuse investment incentive funds, payment of adaptive reuse investment incentive funds shall begin with the first fiscal year that commences after the qualified adaptive reuse property is issued a certificate of occupancy. If the city or county, or city and county, does
not issue certificates of occupancy, the final inspection of the qualified adaptive reuse project property shall serve as the certificate of occupancy for purposes of this subdivision.
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