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Tuesday, January 31, 2012 - 8:00AM

The California State Senate today passed S.B. 654, the 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 was upheld in December by the California Supreme Court, redevelopment agencies will be eliminated effective tomorrow, February 1. The bill, which passed the senate by a vote of 34 to 1, would preserve approximately $1.5 billion for affordable housing development. S.B. 654 will now be sent to the Assembly.

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