California Government Code

§ 62459

GOV § 62459 Effective Jan 1, 2026Div. 8 · Title 6

Statute text

(a)(1) After the adoption of the downtown revitalization financing plan, the district shall establish a process for eligible commercial-to-residential conversion projects identified pursuant to subdivision (d) of Section 62456 to opt into receiving incremental tax revenue generated by that same commercial-to-residential conversion project pursuant to this division. A district shall establish a process to reconsider the amount of incremental tax revenue to be distributed to a project if there is a change in use or the square footage of commercial space converted to housing planned to be built.

(2)An eligible commercial-to-residential conversion project may opt in to receive incremental tax revenue generated by that same commercial-to-residential conversion project pursuant to this division at any time before the project is issued the first building permit for the project.

(3)A commercial-to-residential conversion project shall not be eligible to opt in to receive incremental tax revenue pursuant to this division after December 31, 2032.

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Legislative history

Amended by Stats. 2025, Ch. 642, Sec. 10. (AB 1445) Effective January 1, 2026.