Bill Aims To Save Affordable Housing Money
In the aftermath of the California Supreme Court's decision that allows for the elimination of California's 400 redevelopment agencies, the state Senate has proposed legislation to save at least a portion of the money. The legislation, SB 654, would allow municipalities to permanently retain a portion of redevelopment dollars earmarked for affordable housing projects. All told, it would preserve $2 billion or 20 percent of the current redevelopment agency funds.
"The funds would end up going to the successor agencies, the other agencies that end up being successors to redevelopment agencies," said Stephen Ryan, who focuses on affordable housing finance with Cox Castle & Nicholson in San Francisco. But is this the legislation that could save the agencies, the publication asked. "Nobody knows whether this bill is going to be that bill," Ryan said. "Right now, it's a pretty narrowly focused fix."