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A history of California redevelopment

January 21st, 2011 · 1 Comment · History

1945 California Community Redevelopment Act allows cities and counties to establish redevelopment agencies to tackle urban blight (substantial, prevalent adverse physical and economic conditions) that hampers development and expansion within a community.
1951 State Legislature amends the tax law, paving the way for tax increment financing– using future gains in taxes to finance current improvements.
1952 The California Community Redevelopment Law is enacted, authorizing the distribution of tax increment to agencies with the goal of relieving taxpayers of the costs of redevelopment by making projects self-supporting.
1976 Redevelopment agencies are required to set aside 20 percent of tax increment for affordable housing purposes, known as the “20-percent housing set-aside.”
1978 Proposition 13 limits the tax rate for real estate by assessing property values at their 1975 values and restricts annual increases of assessed value of real property to an inflation factor, not to exceed 2 percent per year.
2011 Governor Jerry Brown proposes to do away with local redevelopment agencies by July 1, 2011.

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