CALIF. SUPREME COURT DENIES CRA MODIFIED STAY REQUEST

Monday, September 19, 2011 - 7:00am

The California Supreme Court on September 14 denied the California Redevelopment Association’s (CRA’s) request for a modified stay that would have allowed redevelopment agencies that agreed to make remittance payments under the alternative voluntary redevelopment program to initiate new activities or obligations. The denial means that all redevelopment agencies can only service existing debt obligations until the court rules on the case. The court has said that it will deliver a ruling by January 15, 2012. Tune in to the Tax Credit Tuesday podcast on September 27 to learn more about the ruling and what it means for housing development in California.