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Thursday, August 11, 2011 - 8:00AM

The California Supreme Court today issued a partial stay that halts the dismantling of California’s redevelopment agencies. The stay is in response to a lawsuit, California Redevelopment Association. v. Matosantos, which challenges the validity of eliminating the redevelopment agencies. Under the order, redevelopment agencies are still barred from incurring new indebtedness, transferring assets, acquiring real property, entering into new contracts or modifying existing contracts, entering into new partnerships, adopting or amending redevelopment plans and other activities. The court announced that it will hear the lawsuit as early as possible in 2011 and that it will issue an opinion prior to January 15, 2012.

Tune in to the next Tax Credit Tuesday podcast to hear more about the case and what it could mean for state redevelopment agencies.

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