SB 654 Introduced To Preserve $2 Billion In Redevelopment Funds For Cities And Counties

On January 4, 2012 Senate President Pro Tem Darrell Steinberg introducedSenate Bill 654, which (if passed) would allow municipalities to permanently retain the portion of redevelopment dollars earmarked for affordable housing projects. According to Steinberg, the bill is intended to preserve for affordable housing the roughly $2 billion in outstanding balances in the Low and Moderate Income Housing funds maintained by redevelopment agencies throughout the state.

For a copy of the proposed bill, click here.