The loss of redevelopment money across California has compounded already hard times for affordable housing. And the prospects for new sources of support are uncertain at best.
Matt Schwartz, President and CEO of the California Housing Partnership Corporation. Even residual redevelopment funds that have not yet been spent are now at risk.The bad news about redevelopment funding is California may not be over, cautions
Some California legislators have recognized the need and desirability of replacing some of the lost redevelopment money with other funding sources. One such measure, SB 1220, sought to create replacement funds by enacting a new recording fee on certain real estate transactions. That measure was narrowly defeated in the California State Senate last Friday. Now Swartz is holding out hopes for another bill, AB 1532 that would share some of the state's income from cap and trade sales of carbon offsets.
In Sonoma County, the existing stock of affordable rentals is virtually all occupied, says Gale Brownell of the Sonoma County Housing Coalition.
The Coalition released its annual Housing Progress Report today, which you can read here. For details on other Affordable Housing Week activities, click here.