They're Ba-ack: AB 2 Brings a New Form of Redevelopment

When Governor Brown dissolved redevelopment agencies and community development agencies as of February 1, 2012, the development community and municipal government lost an important tool for economic growth and community revitalization. On Jan. 1, 2015, the Enhanced Infrastructure Finance Districts (“EIFDS”), newly authorized by SB 628, brought some hope that local government would aid in the challenge of financing infrastructure and providing financing to make urban infill projects more feasible. Now AB 2, approved by the Governor on Sept. 22, 2015, authorizes certain local agencies to form a community revitalization authority (“Authority”) within a community revitalization and investment area to carry out certain provisions of the existing Community Redevelopment Law for the financing of infrastructure, affordable housing and economic revitalization through tax-exempt bonds serviced by tax increment revenues.

What is an Authority?