(

a) Every five years, beginning in the calendar year in which the authority has allocated a cumulative total of more than one million dollars ($1,000,000) in tax increment revenues, including any proceeds of a debt issuance, for the purposes of subdivision (

c) of

Section 62003, the authority shall contract for an independent audit to determine compliance with the affordable housing requirements of

Chapter 1 (commencing with

Section 62100) and

Chapter 2 (commencing with

Section 62115) of

Part 2, including provisions to ensure that the requirements are met within each five-year period covered by the audit and completed no later than the time limit established pursuant to subdivision (

g) of

Section 62003. The audit shall be conducted according to guidelines established by the Controller, which shall be established on or before December 31, 2021. A copy of the completed audit shall be provided to the Controller. The Controller shall not be required to review and approve the completed audits. (

b) Where the audit demonstrates a failure to comply with the requirements of

Chapter 1 (commencing with

Section 62100) and

Chapter 2 (commencing with

Section 62115) of

Part 2, the authority shall adopt and submit to the Controller, as part of the audit, a plan to achieve compliance with those provisions as soon as feasible, but in not less than two years following the audit findings. The Controller shall review and approve the compliance plan, and require the compliance plan to stay in effect until compliance is achieved. The Controller shall ensure that the compliance plan includes one or more of the following means of achieving compliance:

(1) The expenditure of an additional percent of gross tax increment revenue on increasing, preserving, and improving the supply of low-income housing.

(2) An increase in the production, by an additional percent, of housing for very low income households as required by paragraph (2) of subdivision (

b) of

Section 62120.

(3) The targeting of expenditures pursuant to

Section exclusively to rental housing affordable to, and occupied by, persons of very low and extremely low income. (

c) If an authority is required to conduct an audit pursuant to subdivision (

a) in advance of the issuance of the Controller’s guidelines, then it shall prepare an updated audit pursuant to the Controller’s guidelines on or before January 1, 2023.