Section 1. Allows housing districts to increase by up to 10 percent their expenditures for activities outside the district.  This bill also requires that expenditures used to develop housing be based on estimated market value instead of actual market value and requires the estimation be evidenced by a written certificate of a county assessor or authorized city assessor based on their review of the plans and specifications.

This bill adds rehabilitation to the list of allowed uses and modifies the requirements for all uses and requires that the sites or housing units be occupied by one to four family dwelling units with respect to which a mortgage was foreclosed and any applicable redemption period has expired without redemption. This bill also removes the requirement that the unit(s) be vacant for six or more months.

This section is effective for any district regardless of when the request for certification was made.

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