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Posted on 07/15/2025 6:57:11 PM PDT by george76
The California Senate passed a bill to authorize a Los Angeles County “Resilient Rebuilding Authority" that could use public funds to "purchase lots at a fair price for land banking," and "create open space." The bill would also allow municipal bodies to use property taxes to fund low-income housing and public transit. Senate Bill 549 now has a hearing in the state Assembly scheduled for Wednesday.
As a funding mechanism, the bill would allow the RRA for the Los Angeles wildfires to “Issue, receive, and administer funds, including, but not limited to, tax-increment financing, federal loans and grants, state loans and grants, and philanthropic grants, to support recovery.”
The RRA would then be able to use taxpayer funds to oversee most of the construction process, and would be granted the power to “purchase critical construction materials in bulk,” "manage and coordinate rebuilding and related logistics," "enhance financing options," and “support the reconstruction workforce by partnering with trades, facilitating training and workforce development, and creating temporary workforce housing.”
The RRA also would “facilitate reconstruction of lost rental housing stock, including by promotion of accessory dwelling units, senior-serving housing, and replacement of affordable housing lost in the fires.”
The bill authorizes an updated funding mechanism called NIFTI-2 that allows municipal bodies to use incremental property tax revenue, that is, property tax revenue above a baseline, to finance transit and low-income housing.
40% of NIFTI-2 funding must be used for housing affordable to households making less than 60% of area median income, with 10% set aside for beautification, "active transportation" projects such as bike lanes, and other non-vehicular connections to transit.
The remaining 50% of NIFTI-2 funding could be used for “multifamily affordable housing projects,” “transit capital projects,” and “transit-oriented development projects.”
Wednesday's hearing is set for just over a week after Gov. Gavin Newsom announced the allocation of $101 million in taxpayer funds for “multifamily low-income housing development” in communities in Los Angeles devastated by the Palisades, Eaton and Hughes wildfires.
In conjunction with the governor’s funding announcement, which provides per-unit funding of up to $450,000 in loans and up to $90,000 in grants, funding from RRA-LAW could make it easier for more income-restricted housing to be built in the Los Angeles area.
In Los Angeles, 73% of city planning applications for new units are for income-restricted housing. In the previous four years, income-restricted housing represented only an average of 30%, meaning the latest data reflects a precipitous drop-off in production for standard, market-rate housing.
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The plan all along, next to letting them go for cheap to developers.
Would allow
Would facilitate
Nah. Those funds will be diverted.
What a surprise. /s
Gosh. Golly. Who could have seen this coming? I’m so surprised. Shucks.
And no permitting issues.
Malibu needs apartments for all the help to stay in
Nice community you had there until that unfortunate fire happened....
Isn’t that special?
UN Agenda 21 , 2030 , Great Reset, ( Let me know if you wish to be added or removed from the list.)
What possibly could go wrong!
Empty the reservoirs.
Hire DEI overseers.
Let crazy arsonist bums roam freely.
Leave town when the Santa Ana winds are dangerously high.
Dirty dogs!
Watts on the water
very scenic
Yes, this is ABSOLUTELY STUNNING NEWS. I agree that no one would ever suspect this would happen. /sarc
Fair price= 10 cents on the $
/S
Wait until they start putting up illegal immigrant ghetto housing on Malibu properties. Wetbacks By The Sea Apartments.
Gavin Newsom catches heat for bizarre shimmy and smile during live TV interview about LA fires
Just one more opportunity to stick it to the little people!
Whoa Nellie! This means Governor Handsome LIED and the free market DIED!!!!!
Why would Handsome lie?
Oh. Wait...
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