California Senate Bill 549
- Passed a bill to create a "Resilient Rebuilding Authority" (RRA) in Los Angeles County.
- RRA can use public funds for:
- Purchasing lots for land banking at fair prices.
- Creating open spaces.
- Municipal bodies can use property tax funds for low-income housing and public transit.
- Hearing in the state Assembly scheduled for Wednesday.
Funding Mechanism
- RRA can:
- Issue and manage funds from various sources, including tax-increment financing and grants.
- Oversee construction processes using taxpayer funds.
- Purchase construction materials in bulk and manage logistics.
- Partner with trades to support the workforce through training and housing.
Reconstruction Initiatives
- RRA will facilitate rebuilding lost rental housing, including:
- Accessory dwelling units.
- Senior housing.
- Replacement of affordable housing lost in fires.
NIFTI-2 Funding
- New funding mechanism allowing incremental property tax revenue for transit and low-income housing.
- 40% of funding must go for housing for households earning less than 60% of the area median income.
- 10% set aside for beautification and active transportation projects.
- Remaining 50% can fund multifamily affordable housing, transit capital, and transit-oriented developments.
Recent Funding Announcement
- Governor Newsom announced $101 million for multifamily low-income housing in fire-affected Los Angeles communities.
- Per-unit funding includes:
- Up to $450,000 in loans.
- Up to $90,000 in grants.
- Recent data shows 73% of new unit planning applications are for income-restricted housing, a significant increase.
Corrections and Clarifications
- Article corrected to clarify that RRA funding requirement for low-income housing applies only to enhanced infrastructure financing districts under NIFTI-2.
https://www.thecentersquare.com/california/article_861930c9-93ea-4e5c-b098-30d35fe3fa26.html
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