News

Senate Preserves Redevelopment Spending for Affordable Housing

Tuesday, the Senate passed SB 654, a bill that would allow redevelopment agencies to continue to build affordable housing using $1.36 billion that has been held by those closing agencies for that purpose.
 

The elimination of redevelopment agencies across the state took effect yesterday due to legislation enacted during last year’s legislative cycle. Opponents of redevelopment see its elimination as an opportunity for the state to gain funding for schools and public safety that might otherwise be held locally for redevelopment projects.
 

This new measure will not take effect until January of 2013 as Republican leaders refused to pass the bill as an urgency measure. Democratic leaders accused Republicans of playing politics and depriving California of jobs, as they wanted a more robust plan to revive redevelopment. Senate Republican Leader Bob Huff of Diamond Bar struck back by noting “the time to be concerned about jobs related to redevelopment was before we executed it”. The bill now moves onto the Assembly for consideration.
 

The Brea Chamber of Commerce is committed to keeping members informed and advocating on behalf of business interests in our region. Let your state legislative representative know how you feel on this issue. Together we can build a strong business community.