Cox, Castle & Nicholson partner Ofer Elitzur was interviewed by Tax Credit Advisor for an article discussing the loss of redevelopment funds in California, the challenges that developers are facing, and what is happening with pending legislation.
The loss of RDA Funds “has certainly made it more challenging to develop affordable housing in California,” said Elitzur. “It’s changed the model that a lot of developers had pursued over the years…It’s required developers to search for other sources and build more efficiently or just pursue other opportunities.”
Pending legislation includes the Californian Homes and Jobs Act (S.B. 391) and A.B. 1229, local inclusionary zoning ordinances, and S.B. 1, local tax increment financing.