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CALIF. ASSEMBLY INTRODUCES BILL TO PRESERVE RDA HOUSING FUNDS

Friday, February 3, 2012 - 8:00AM

The California State Assembly yesterday introduced A.B. 1585, a proposal that preserves redevelopment agencies’ unencumbered Low/Mod-Income Housing funds, which local communities use to fund affordable housing development. Under Assembly Bill 1X26, which the California Supreme Court upheld in December, redevelopment agencies were eliminated February 1. A.B. 1585 is a companion bill to S.B. 654, which passed the state senate on January 31.

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