Section 64717 - Initial ballot measure; review; citizens' oversight committee; annual expenditure(a) Five years after the voters approve an initial ballot measure proposed pursuant to Section 64721, the board shall review the implementation of the measure. The review shall include the following:(1) An analysis of the expenditures to date.(2) The number of affordable housing units produced and preserved at different household income levels.(3) The tenant protection services provided, and the role of the agency.(b) No earlier than five years after approval of a funding measure under Chapter 2 (commencing with Section 64810) and subject to consultation with the agreement of the citizens' oversight committee by a two-thirds vote, the board may change any of the minimum requirements in subdivision (d) of Section 64830 if the board adopts a finding that both allocated funding has been unspent in a given category across multiple years and the region's needs in a given category differ from those requirements. The board is required to approve the finding by a two-thirds vote. Approval of the finding shall be subject to the public participation requirements provided in subdivision (f) of Section 64711.(c)(1) The board shall, after the citizens' oversight committee approves the annual expenditure plan, adopt the annual expenditure plan for the use of housing revenue by July 1 of each year, except the board shall select the deadline to adopt the first annual expenditure plan. To support long-term planning, the annual expenditure plan may cover multiple years, as determined by the board. In the event any of the planned annual expenditures do not correspond to actual expenditures that meet the minimum annual expenditure requirements set forth in this chapter, the board shall ensure subsequent expenditure plans account for previous underspending so that the average spending over at least a three-year budget period achieves the minimum annual expenditure set forth in this chapter.(2) The annual expenditure plan shall set forth the share of revenue and estimated funding amount to be spent on each of the categories established in subdivision (d) of Section 64830, indicate the household income levels to be served within each category of expenditures, and estimate the number of affordable housing units to be built or preserved and the number of tenants to be protected. To the extent feasible, the annual expenditure plan shall include a description of any specific project or program proposed to receive funding, including the location, amount of funding, and anticipated outcomes. If a tax measure is adopted pursuant to subdivision (a) of Section 64720 and the agency transfers a portion of the revenue raised by such measure to the County of Los Angeles for programs that provide supports and services to prevent and combat homelessness, the portion of revenue transferred shall be excluded from the annual expenditure plan.Amended by Stats 2023 ch 730 (AB 1607),s 2, eff. 1/1/2024.Added by Stats 2022 ch 661 (SB 679),s 1, eff. 1/1/2023.