-Requires that the payments to schools pursuant to this act be of benefit to redevelopment project areas (Sec. 1).
-Requires that the funds contributed by a redevelopment agency pursuant to this act be allocated to serve persons living within or in the vicinity of any project area of that redevelopment agency (Sec. 1).
-Allows that an agency may suspend all or part of its payments to the Low and Moderate Income Housing Fund in the 2009-2010 fiscal year, provided that the agency repays the amount suspended before June 30, 2015, and provides penalties for agencies which fail to meet their repayment obligations (Sec. 4).
-Requires a redevelopment agency to remit an amount in the county Supplemental Educational Revenue Augmentation Fund equal to the tax increment and property tax revenue allocated for that agency by the Director of Finance (Sec. 6).
-Requires the county auditor to report to the Department of Finance each transfer to the Supplemental Education Revenue Augmentation Fund in the 2010-11 fiscal year (Sec. 6).
-Allows that if the Commission on State Mandates determines that this act contains costs mandated by the state, reimbursement of local agencies and school districts for those costs shall be made (Sec. 11).