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CALIFORNIA STATE BOND FREEZE LIFTED

Thursday, April 29, 2010 - 2:00AM

The California Department of Housing and Community Development (HCD) on April 27 released a memorandum regarding Department of Finance Budget Letter (BL) 10-09, which was released the same day and lifted the state's bond freeze that had been in place since December 2008. HCD explains in the memo that BL 10-09 supersedes BL 08-33, which directed state departments and agencies that had expenditure authority over bond funds to cease making new contracts or obligations for programs or projects that were funded from general obligation (GO) bond and lease revenue bonds. This restriction included funds under Proposition 46 and 1C, which were widely used to develop affordable housing. HCD says the release of BL 10-09 will allow HCD, grant applicants and the contracting community to begin to plan for the future; HCD plans to provide information to project developers as soon as possible regarding the removal of the restrictions that had been placed on previously announced awards.

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