(a) (1) Notwithstanding any other law, the Cities of Burbank, Glendale, and Pasadena may enter into a joint powers agreement pursuant to this chapter to create and operate a joint powers agency to fund housing to assist the homeless population and persons and families of extremely low, very low, low, and moderate income, as defined in § 50093 of the Health and Safety Code within those jurisdictions.

(2) The joint powers agency created pursuant to this section shall be known as the Burbank-Glendale-Pasadena Regional Housing Trust, and shall be created and operated in accordance with this section and pursuant to the joint powers agreement entered pursuant to paragraph (1).

(b) (1) The Burbank-Glendale-Pasadena Regional Housing Trust shall be governed by a board of directors consisting of a minimum of three directors who are elected officials representing the cities that are party to the joint powers agreement. Those directors shall consist of members equally appointed by each of the three representative cities that are a party to the joint powers agreement.

(2) The board of directors shall elect a chairperson and a vice chairperson from among its members at the first meeting held in each calendar year.

(3) (A) Members of the board of directors shall serve without compensation.

(B) Members of the board of directors may be reimbursed for actual expenses. Actual expenses shall be approved before they are incurred.

(4) (A) A member of the board of directors shall serve a term of two years.

(B) If a vacancy occurs on the board of directors, an individual shall fill the vacancy as outlined in the joint powers agreement. An appointment to fill a vacancy pursuant to this subparagraph shall be effective only for the remainder of the term of the office that became vacated.

(c) Notwithstanding any other law, the Burbank-Glendale-Pasadena Regional Housing Trust may do any of the following:

(1) Fund the planning, acquisition, and construction of housing of all types and tenures for the homeless population and persons and families of extremely low, very low, low, and moderate income, as defined in § 50093 of the Health and Safety Code, including, but not limited to, permanent supportive housing.

(2) Receive public and private financing and funds.

(3) Authorize and issue bonds, certificates of participation, or any other debt instrument repayable from funds and financing received pursuant to paragraph (2) and pledged by the Burbank-Glendale-Pasadena Regional Housing Trust.

(d) The Burbank-Glendale-Pasadena Regional Housing Trust shall incorporate into its joint powers agreement annual financial reporting and auditing requirements that shall maximize transparency and public information as to the receipt and use of funds by the agency. The annual financial report shall show how the funds have furthered the purposes of the Burbank-Glendale-Pasadena Regional Housing Trust.

(e) The Burbank-Glendale-Pasadena Regional Housing Trust shall comply with the regulatory guidelines of each specific state funding source received.

(Amended by Stats. 2023, Ch. 131, Sec. 62. (AB 1754) Effective January 1, 2024.)