Tuesday, April 26, 2016
The effect of California's dissolution of redevelopment agencies on the State's affordable housing developers
A survey released in December, 2015 by the Federal Reserve Bank of San Francisco of affordable housing developers provides significant insight on the effects of the loss of State redevelopment agencies on affordable housing developers. The responses, from 71 development organizations across the state, found the following:
83 percent of respondents must pursue more funding sources than they did under RDA, 74 percent have projects that have been postponed or jeopardized, 80 percent of the projects have been negatively impacted by rising cost of lands and 61 percent have had to reduce staff because of funding reductions. Only 26 percent say their jurisdictions have developed post-RDA regulatory reforms for affordable housing.
Hat tip to CD&PR.