California Apartment Association

With a bill signed into law by Gov. Jerry Brown, disadvantaged communities in California will get help with the creation of a new form of redevelopment called Community Revitalization Investment Authorities.  

Assembly Bill 2 by Assemblyman Luis Alejo, D-Watsonville, authorizes local governments in economically depressed areas to use certain tax revenue for public works and affordable housing improvements. The measure requires that no less than 25 percent of funds generated through a CRIA be set aside for affordable housing in a given community.

In 2011, the state dissolved redevelopment agencies, leaving many communities struggling to provide housing and maintain infrastructure.  AB 2 will work to help these communities by investing property tax increments of consenting local agencies to increase employment opportunities, reduce crime rates, repair deteriorating and inadequate infrastructure, clean up brownfields, and promote affordable housing.

The bill was supported by CAA and will take effect Jan. 1, 2016.  Read the bill here.