An authority shall adopt a community revitalization and investment plan that may include project areas and a provision for the receipt of tax increment funds generated within the area according to Section 62005, provided the plan includes each of the following elements:

(a) A statement of the principal goals and objectives of the plan including territory to be covered by the plan.

(b) A description of the deteriorated or inadequate infrastructure within the area and a program for construction of adequate infrastructure or repair or upgrading of existing infrastructure.

(c) A housing program that describes how the authority will comply with Part 2 (commencing with Section 62100). The program shall include the following information:

(1) The amount available in the Low and Moderate Income Housing Fund and the estimated amounts that will be deposited in the fund during each of the next five years.

(2) Estimates of the number of new, rehabilitated, or price restricted residential units to be assisted during each of the five years and estimates of the expenditures of moneys from the Low and Moderate Income Housing Fund during each of the five years.

(3) A description of how the program will implement the requirements for expenditures of funds in the Low and Moderate Income Housing Fund over a 10-year period for various groups as required by Chapter 2 (commencing with Section 62115) of Part 2.

(4) Estimates of the number of units, if any, developed by the authority for very low, low-, and moderate-income households during the next five years.

(d) A program to remedy or remove a release of hazardous substances, if applicable.

(e) A program to provide funding for or otherwise facilitate the economic revitalization of the area.

(f) A fiscal analysis setting forth the projected receipt of revenue and projected expenses over a five-year planning horizon, including the potential issuance of bonds backed by tax increment during the term of the plan. Bonds shall be issued in conformity with Article 4.5 (commencing with Section 53506) and Article 5 (commencing with Section 53510) of Chapter 3 of Part 1 of Division 2 of Title 5. An authority shall not spend revenue for any purpose that is not identified as part of a program described in subdivisions (b), (c), (d), and (e).

(g) Time limits that may not exceed the following:

(1) Thirty years for establishing loans, advances and indebtedness.

(2) Either of the following:

(A) Forty-five years for the repayment of all of the authority’s debts and obligations, and fulfilling all of the authority’s housing obligations. The plan shall specify that an authority shall dissolve as a legal entity in no more than 45 years from the date upon which the issuance of debt is approved for a plan, or approved for a project area designated by the authority within a plan subject to subparagraph (B), as applicable, and no further taxes shall be allocated to the authority pursuant to Section 62005. Nothing in this paragraph shall be interpreted to prohibit an authority from refinancing outstanding debt solely to reduce interest costs.

(B) If the authority divides the community revitalization and investment plan into multiple project areas, a date on which the plan will cease to be in effect and all tax allocations to the authority will end and a date on which the repayment of indebtedness with incremental tax revenues received under this chapter will end, not to exceed 45 years from the date the authority or the applicable project area has received one hundred thousand dollars ($100,000) in annual incremental tax revenues under this chapter. After the time limits established under this subparagraph, an authority or project area shall not receive incremental tax revenues under this chapter. If the authority divides the community revitalization and investment plan into project areas, a separate and unique time limit shall be applicable to each project area that does not exceed 45 years from the date the authority has received one hundred thousand dollars ($100,000) in incremental tax revenues under this chapter from that project area.

(h) A determination that the community revitalization investment area complies with the conditions described in subdivision (d) or (e) of Section 62001.

(Amended by Stats. 2021, Ch. 391, Sec. 9. (SB 780) Effective January 1, 2022.)