affordable housing wobbles as redevelopment agencies close
http://www.nationofchange.org/affordable-housing-wobbles-redevelopment-agencies-close-1335801329
Affordable housing advocates across California are scrambling for alternative sources of funding following the closure of the states redevelopment agencies last February.
A state law upheld by the California Supreme Court mandated the dismantling, which aims to redirect billions in property tax earnings held by the redevelopment agencies (RDAs) back to local governments to help close a huge gap in the states general fund.
The demise of Californias 425 RDAs comes at a very bad time, says Rachel Iskow, executive director of the Sacramento Yolo Mutual Housing Association.
Money coming from the federal housing program has been substantially reduced. The $2.9 billion generated by the states Proposition 1C bonds -- enacted by California voters in 2006 for various types of housing -- are almost gone, and a sluggish development market has reduced money for local low-cost housing trust funds to a trickle.