affordable housing wobbles as redevelopment agencies close

[xchrom]

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 state’s 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 state’s general fund.

The demise of California’s 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 state’s 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.

[msongs]

1. yeah but Obama and Congress have billions and billions for drones and all that war stuff nt

[ProgressiveProfessor]

2. Thank Jerry Brown for this one

He made the call...