Congressman Joe Baca (D-Rialto) introduced legislation in the House of Representatives that would give non-profit agencies and Community Development Corporations (CDCs) access to funds for affordable housing projects made available through the State Small Business Credit Initiative. The Strengthening Economic Development Through Affordable Housing Act (H.R. 4144) amends Section 3003 of the State Small Business Credit Initiative Act of 2010 in order to make community housing development organizations eligible to receive direct funding awarded to California. The Act is targeted to help communities in the wake of the elimination of Redevelopment Authorities in California.
NH&RA will be covering this topic in depth at the 2012 Spring Developers Forum, May 21-22 at the Ritz-Carlton in Marina del Rey, California.