Redevelopment: pooled housing funds: emergency shelters and transitional housing.

The Community Redevelopment Law authorizes the establishment of redevelopment agencies in communities in order to address the effects of blight, as defined, in those communities and requires those agencies to prepare, or cause to be prepared, and approve a redevelopment plan for each area. Existing law also requires that not less than 20% of the tax-increment revenue allocated to a redevelopment agency be used to increase, improve, and preserve the supply of the community's low- and moderate-income housing within the territorial jurisdiction of the agency, and for this purpose, the funds are held in a separate Low and Moderate Income Housing Fund. This bill would redefine the term redevelopment to include improving, increasing, or preserving emergency shelters for homeless persons or households. The bill would authorize donor agencies, as defined, located within the same housing region to create and participate in a joint powers authority and to enter into an interagency agreement for the purpose of pooling a permitted portion of housing funds for emergency shelters for homeless persons or households and transitional housing units. The bill would authorize the agencies to transfer a portion of their housing funds to a joint powers authority or to a receiving agency, as defined, for use by the authority or agency pursuant to these provisions. The bill would require that the emergency shelters assisted with low- and moderate-income housing funds remain available at affordable housing cost to specified persons, families, and households for not less than 55 years, provided that a certain requirement is met.