(a) (1) Notwithstanding any other law, the County of Los Angeles and any or all of the cities within the jurisdiction of the San Gabriel Valley Council of Governments 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, and low income, as defined in Section 50093 of the Health and Safety Code, within the San Gabriel Valley region.

(2) The joint powers agency created pursuant to this section shall be known as the San Gabriel Valley Regional Housing Trust, and shall be created and operate in accordance with this section.

(b) (1) The San Gabriel Valley Regional Housing Trust shall be governed by a board of directors consisting of nine directors appointed by the governing board of the San Gabriel Valley Council of Governments.

(2) (A) Seven members of the board of directors shall be a member of the governing board of the San Gabriel Valley Council of Governments that represents either of the following:

(i) A city that is a party to the joint powers agreement.

(ii) A County of Los Angeles board of supervisor district that is located wholly or partially within the territory of the San Gabriel Valley Council of Governments, if the county is a party to the joint powers agreement.

(B) Two members of the board of directors shall be experts in homeless or housing policy.

(3) 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.

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

(B) Members of the board of directors may be reimbursed for actual expenses subject to the approval of the governing board of the San Gabriel Valley Council of Governments. Actual expenses shall be approved before they are incurred.

(5) (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, the governing board of the San Gabriel Valley Council of Governments shall appoint a qualified individual to fill the vacancy within 60 days of the vacancy. 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 San Gabriel Valley Regional Housing Trust may do any of the following:

(1) Fund the planning and construction of housing of all types and tenures for the homeless population and persons and families of extremely low, very low, and low income, as defined in Section 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 San Gabriel Valley Regional Housing Trust.

(d) The San Gabriel Valley 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 San Gabriel Valley Regional Housing Trust.

(e) The San Gabriel Valley Regional Housing Trust shall comply with the regulatory guidelines of each specific state funding source received.

(Added by Stats. 2019, Ch. 670, Sec. 2. (SB 751) Effective January 1, 2020.)