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applicable zoning and development standards for housing projects. Both of these requirements will require additional staff time. AB 1485 (Wicks) makes additional changes to laws previously adopted under SB35, that require much faster processing and streamlined review for housing projects that meet certain criteria for affordability and in other areas. AB 1485 changes the minimum affordability requirements for projects qualifying for streamlining from 10% of total units at an affordability level of 80% Area Median Income (AMI) or less to 20% of total units at an affordability level of 120% AMI, with the average across all of the units to be at or below 100% AMI. No SB35-qualifying projects have yet been proposed in Pleasanton, and, at this time it remains to be seen how the changes may influence potential project proposals. Funding SB5, the Affordable Housing and Community Development Investment Program, would have created a significant new funding source (up to $2 Billion annually) for affordable housing. Governor Newsom vetoed this bill, indicating that a bill with such substantial financial implications needed to be discussed as part of the overall State budget. Funding and Local Control AB 1487 (Chiu) creates a new regional housing entity: the San Francisco Bay Area Housing Financing Authority (BAHFA). The Authority will be governed by the Association of Bay Area Governments (ABAG) Executive Board (serving as the lead agency) and Metropolitan Transportation Commission (MTC). The Authority will enable Bay Area voters to raise money for affordable housing. However, it does not allow for BAHFA to institute any sales tax measures, and will require 80 percent of funds to be "returned to source" — i.e. to go back to the county of origin. At this time, the direct impact (or benefit) to the City is unknown as any funding measures will go before the voters to decide. City staff will continue to be engaged as the entity forms, and as Alameda County determines its return to source methodology, to ensure that funds generated by Pleasanton residents or businesses benefit the community to the extent possible. Non-housing Related Bills The Council took positions on ten other bills in the areas of transportation, maintaining local control, water and the environment. AB 1475, sponsored by local Assembly member Rebecca Bauer Kahan, to streamline the development of a portion of the Iron Horse Trail was supported by Council, and was signed into law. As shown in Table 2, all of the other non-housing related bills became two-year bills. Additional information on each of the bills listed in the table below is provided in Attachment 2. Page 5 of 7