School facilities: proceeds from sale or lease of surplus property: affordable rental housing facilities.

Existing law exempts certain transactions from the requirements that otherwise apply to the sale or lease of real property by a school district if certain conditions are met, including that the financing proceeds obtained by the school district pursuant to the transaction are expended solely for capital outlay purposes, which are defined to include the construction, reconstruction, or renovation of rental housing facilities for school district employees. This bill would require rental housing facilities for school district employees funded by proceeds realized under this provision to be affordable. The bill would additionally authorize, for the exemption from the requirements that would otherwise apply to this sale or lease and its proceeds, one-time capital expenditures, as specified, the payment of pension obligations of that school district, the placement of funds in the school district's general fund reserve, and the offset of school district costs for special needs pupils, from financing proceeds obtained from the sale or lease of real property that will be used to construct new affordable rental housing facilities for school district employees.