With our free press under threat and federal funding for public media gone, your support matters more than ever. Help keep the LAist newsroom strong, become a monthly member or increase your support today .
Money from selling California's redevelopment assets may go to locals
An Anaheim housing developments that was funded largely by a local redevelopment agency.
(
Susan Valot/KPCC
)
Listen
0:48
Money from selling California's redevelopment assets may go to locals
More than 400 local redevelopment agencies in California expect to close their doors Feb. 1, but state Senate leader Darrell Steinberg said Thursday he’s found a pot of gold that could compensate for some of the loss to local communities.
As a budget-balancing measure, the state Legislature voted last year to dissolve redevelopment agencies. Supporters of redevelopment agencies say that will cut off vital money for affordable housing and local construction.
When redevelopment agencies close next month, they’ll begin to wind down projects and pay off debt. Then they’ll divide the remaining money between state and local governments, school districts and special districts.
Senate Pro Tem Steinberg says there’s another pot of money no one’s counted yet: the value of the agencies’ physical assets, like buildings, parking lots and leases.
Sponsor
"We have the ability to appropriate that money!" Steinberg said Thursday. "So one of the things I have my folks looking at right now, for example, is looking at what is the statewide value of those assets? We don’t know. I can tell you one thing. They’re significant."
How significant? "Significant enough to have a real conversation," Steinberg said.
Steinberg wants to dedicate the one-time proceeds from asset sales to local development and low-income housing projects. He’d need Gov. Jerry Brown’s support to carry out his plans.
At LAist, we believe in journalism without censorship and the right of a free press to speak truth to those in power. Our hard-hitting watchdog reporting on local government, climate, and the ongoing housing and homelessness crisis is trustworthy, independent and freely accessible to everyone thanks to the support of readers like you.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
But the game has changed: Congress voted to eliminate funding for public media across the country. Here at LAist that means a loss of $1.7 million in our budget every year. We want to assure you that despite growing threats to free press and free speech, LAist will remain a voice you know and trust. Speaking frankly, the amount of reader support we receive will help determine how strong of a newsroom we are going forward to cover the important news in our community.
We’re asking you to stand up for independent reporting that will not be silenced. With more individuals like you supporting this public service, we can continue to provide essential coverage for Southern Californians that you can’t find anywhere else. Become a monthly member today to help sustain this mission.
Thank you for your generous support and belief in the value of independent news.
Senior Vice President News, Editor in Chief
