For purposes of this division, the following terms have the following meanings:

(a) “Affordable housing” means housing with an affordable housing cost, as defined in Section 50052.5 of the Health and Safety Code, or affordable rent, as defined in Section 50053 of the Health and Safety Code, for households whose gross income does not exceed 120 percent of the area median income.

(b) “Authority” means an affordable housing authority created pursuant to this division.

(c) “Authorizing resolution” means a resolution adopted pursuant to subdivision (a) of Section 62251 creating an authority.

(d) “Consenting local agency” means a local agency that has adopted a resolution of its governing body consenting to the affordable housing investment plan.

(e) “Plan” means an affordable housing investment plan adopted pursuant to Section 62252. The plan shall be deemed to be the plan described in Section 16 of Article XVI of the California Constitution.

(f) “Property tax increment” means that portion of the ad valorem taxes, as defined under subdivision (a) of Section 1 of Article XIII A of the California Constitution, levied each year in excess of the amount levied by or for a taxing agency upon the total sum of the assessed value of the taxable property in the boundaries of an authority as defined in the resolution first establishing the authority, as shown upon the assessment roll used in connection with the taxation of that property by the taxing agency as of the last equalized roll prior to either the effective date of the authorizing resolution or, if specified in the authorizing resolution, another fiscal year no more than five years prior to the effective date of the authorizing resolution. Property tax increment shall not include taxable properties located within the boundaries of a former redevelopment agency dissolved pursuant to Section 34172 of the Health and Safety Code unless and until all obligations of the former redevelopment agency have been retired and the successor agency to the former redevelopment agency has fully dissolved. Following dissolution, for purposes of calculating property tax increment for those taxable properties located within the boundaries of a former redevelopment agency, the fiscal year following final dissolution shall serve as the last equalized roll.

(g) “Real property” means any of the following:

(1) Land, including land under water and waterfront property.

(2) Buildings, structures, fixtures, and improvements on the land.

(3) Any property appurtenant to, or used in connection with, the land.

(4) Every estate, interest, privilege, easement, franchise, and right in land, including rights-of-way, terms for years, and liens, charges, or encumbrances by way of judgment, mortgage, or otherwise and the indebtedness secured by those liens.

(Amended by Stats. 2018, Ch. 862, Sec. 1. (AB 2035) Effective January 1, 2019.)