AB 2 (Alejo; D-Salinas) which would create a new tool for economic development and affordable housing passed the Assembly Floor on a 63-13 vote. The bill would provide local authorities the ability to create a “Community Revitalization Investment Authority (CRIA)” which would be empowered to invest property tax increment of and use other available funding to create development and infrastructure opportunities. Although this bill does not fill the massive void left when Redevelopment Agencies were abolished, we are supporting it because local agencies need additional authority to create economic opportunity.
Click here to read an analysis of the bill.
