Section 62520 - [Effective 1/1/2025] Power of authority; funding In implementing this title, an authority may do all of the following:
(a) Place one measure per election on the ballot to raise revenue and allocate funds throughout the jurisdiction of the authority, as provided in Part 2 (commencing with Section 62540).(b) Establish any of the following: (1) An infrastructure finance district pursuant to Chapter 2.8 (commencing with Section 53395) of Part 1 of Division 2 of Title 5.(2) An enhanced infrastructure financing district pursuant to Chapter 2.99 (commencing with Section 53398.50) of Part 1 of Division 2 of Title 5.(3) An affordable housing authority pursuant to Division 5 (commencing with Section 62250) of Title 6.(4) A climate resilience district pursuant to Division 6 (commencing with Section 62300) of Title 6.(c) Apply for and receive grants or loans from public and private entities.(d) Solicit and accept gifts, fees, grants, loans, and other allocations from public and private entities.(e) Deposit or invest moneys of the authority in banks or financial institutions, as provided in Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5, including the investment of any money that is not required for the immediate necessities of the authority, as determined by the authority.(f) Sue and be sued, except as otherwise provided by law, in all actions and proceedings, in all courts and tribunals of competent jurisdiction.(g) Engage counsel and other professional services.(h) Enter into and perform all necessary contracts.(i) Enter into joint powers agreements pursuant to the Joint Exercise of Powers Act (Chapter 5 (commencing with Section 6500) of Division 7 of Title 1).(j) Hire staff, define their qualifications and duties, and provide a schedule of compensation for the performance of their duties.(k) Utilize staff employed by the cities, special districts, and counties that established the authority, as authorized by the representative cities, counties, or special districts.(l) Allocate and deploy capital and generated fees or income in the form of grants, loans, equity, interest rate subsidies, and other financing tools to the cities, counties, other public agencies within the jurisdiction of the authority, private affordable housing developers, and nonprofit corporations organized pursuant to Section 501(c)(3) of the Internal Revenue Code to finance affordable home ownership and rental housing development, and preserve and enhance existing affordable housing pursuant to this title, in accordance with applicable constitutional requirements.(m) Acquire, hold, and manage or cause to be managed existing buildings of five units or more that are not currently subject to a recorded deed restriction for the purpose of attaching long-term affordability restrictions on the housing units to protect against displacement.(n) Land bank, assemble parcels, and lease, purchase, or otherwise acquire land for purpose of housing development or redevelopment and associated infrastructure. For any property acquired, the authority shall have the power to set the land use and development parameters for such property, including setting the request for proposal criteria and selection process for a development partner.(o) Accept excess or surplus property from the state, for which the state shall convey its land use authority over such property.(p) Accept public land and buildings from any governmental entity within its jurisdiction and accept responsibility for the land use authority and development of such property, including entering a joint development or participation agreement.(q) Establish and modify the terms of potential capital investments deployed by the authority, including waiving or forgiving interest or principal payments.(r) Collect data on housing production and monitor progress on meeting regional and state housing goals.(s) Provide support and technical assistance to local governments in relation to producing and preserving affordable housing.(t) Provide public information about the authority's housing programs and policies.(u) Incur and issue bonds and other indebtedness, and otherwise incur liabilities or obligations in accordance with Article 3 (commencing with Section 62580) of Chapter 2 of Part 2, and issue mortgage revenue bonds pursuant to Part 5 (commencing with Section 52000) of Division 31 of the Health and Safety Code.(v)(1) Create one or more California limited liability companies of which authority is the sole member and exercise any of the powers granted to the authority by this title through those limited liability companies.(2) Any limited liability company created pursuant to paragraph (1) shall be subject to the California Public Records Act (Division 10 (commencing with Section 7920.000) of Title 1), the Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part 1 of Division 2 of Title 5), and the Political Reform Act of 1974 (Title 9 (commencing with Section 81000)).(w) Any other implied powers necessary to carry out the intent and purposes of this title.Added by Stats 2024 ch 767 (SB 440),s 1, eff. 1/1/2025.