California Provides for Adaptive Reuse Investment Incentive Funds

The California Governor signed the Office to Housing Conversion Act. The law includes: 1) exempting adaptive reuse projects from all impact fees that are not reasonably related to the impacts resulting from the change of use of the site from nonresidential to residential or mixed use, and any fees that are charged must be roughly proportional to the difference in impacts caused by the change of use; and 2) allowing cities or counties to offer financial incentives for up to 30 years to subsidize affordable units that are part of an adaptive reuse project; and 3) defining “adaptive reuse investment ...