Redevelopment Bill Update

Two bills have already hit the Legislature that would affect the wind-down of redevelopment: 

SB 654 (Steinberg) Clarifies that any Low and Moderate Income Housing Fund balances will be transferred to the successor housing agency for use under current redevelopment law. (AB 26x contained conflicting sections on this point.) This bill is strongly supported by affordable housing advocates, who fear the disappearance of redevelopment funds -- totaling an estimated $2 billion annually -- that were previously set aside for affordable housing.  Status: This bill pass through the Senate Transportation and Housing Committee yesterday. 

SB 659 (Padilla) Would extend the deadline for redevelopment agencies' dissolution from the current February 1 deadline to April 15. The language for this bill has not been released yet; it is expected to be heard in the Assembly Local Government Committee in the next few weeks.