Existing law provides for the establishment of various special districts that may support and finance housing development, including affordable housing special beneficiary districts that are authorized to promote affordable housing development with certain property tax revenues that a city or county would otherwise be entitled to receive. Existing law, the San Francisco Bay Area Regional Housing Finance Act, establishes the Bay Area Housing Finance Authority to raise, administer, and allocate funding for affordable housing in the San Francisco Bay area, as defined, and provide technical assistance at a regional level for tenant protection, affordable housing preservation, and new affordable housing production. Existing law, the Los Angeles County Regional Housing Finance Act, similarly establishes the Los Angeles County Affordable Housing Solutions Agency to increase the supply of affordable housing in Los Angeles County, as specified. This bill, the Regional Housing Finance Act, would authorize 2 or more local governments, as defined, to establish a regional housing finance authority to raise, administer, and allocate funding and provide technical assistance at a regional level for affordable housing development, including new construction and the preservation of existing housing to serve a range of incomes and housing types. The bill would define the term "affordable housing" for these purposes, among other terms. The bill would require an authority to be governed by a board composed of at least 3 directors who are elected officials representing the local governments that are members of the authority. The bill would authorize an authority to, among other things, raise and allocate new revenue through specified funding mechanisms and allocate funds to the various cities, counties, and other public agencies and affordable housing projects within the jurisdiction of the authority, private affordable housing developers, and nonprofit corporations to finance affordable housing development projects and preserve and enhance existing affordable housing, as specified, in accordance with applicable constitutional requirements. In this regard, the bill would authorize an authority to impose various special taxes, including parcel taxes, certain business taxes, and a special tax on real property, within its jurisdiction and to issue general obligation bonds secured by the levy of ad valorem property taxes, in accordance with applicable constitutional requirements, and revenue bonds payable from the revenues of the authority, other than revenues generated from ad valorem property taxes. The bill would apply certain provisions to the taxation of homebuilders, as defined, including an exemption, as specified, if the homebuilder meets specified criteria. The bill would authorize an authority to establish, increase, or impose a commercial linkage fee, as defined, in an amount not to exceed the equivalent of $10, and would require the underlying land use jurisdiction that has authority over the approval of a commercial development project, as defined, to collect that fee and remit the amount of that fee to the authority, as provided. The bill would require that revenue generated by the authority pursuant to these provisions be used for the development of affordable ownership and rental housing programs that enable low- or moderate-income households to become or remain homeowners, affordable housing preservation, planning and technical assistance related to affordable housing, and infrastructure to support housing, and other purposes, subject to a regional expenditure plan adopted by the authority board. The bill would require authority revenues to be applied according to a specified priority. The California Environmental Quality Act (CEQA) requires a lead agency, as defined, to prepare, or cause to be prepared, and certify the completion of an environmental impact report on a project that it proposes to carry out or approve that may have a significant effect on the environment or to adopt a negative declaration if it finds that the project will not have that effect. This bill would exempt actions taken by an authority to raise, administer, or allocate funding for affordable housing preservation, new affordable housing production, or to provide technical assistance consistent with the authority's purpose from CEQA. This bill would require an authority to prepare and submit an annual report to the Legislature that includes a description of projects funded, their status, and the households served by income level, as specified. By adding to the duties of local officials with respect to elections procedures for revenue measures on behalf of a regional housing finance authority, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.