About $1.4 billion in redevelopment funds for low- and moderate-income housing would continue to be spent for those purposes under legislation approved today by the Assembly.
Assembly Speaker John A. Pérez crafted the legislation, Assembly Bill 1585, to help ease the transition in the wake of last year's decision to dissolve local redevelopment agencies in capturing funding for state coffers.
AB 1585 was approved by the Assembly, 56-7, receiving two more votes than the supermajority required for passage as an urgency measure.
Five Republicans bucked their GOP colleagues to vote yes: Cameron Smyth of Santa Clarita, Nathan Fletcher of San Diego, Katcho Achadjian of San Luis Obispo, Jeff Miller of Corona, and Kevin Jeffries of Lake Elsinore.
Perez's bill would take effect immediately if passed by the Senate and signed by Gov. Jerry Brown.
A key element of AB 1585 would transfer balances in redevelopment low- and moderate-income housing funds to local housing agencies to be spent for affordable housing.
The bill provides an incentive for local government to allocate the housing funds relatively quickly: 80 percent of the money must be committed within two years and spent within four years.
Funds that remain uncommitted after four years must be transferred to the state Department of Housing and Community Development for use on low-income housing programs in the county from which they came.
Absent AB 1585 - or similar legislation -- the $1.4 billion would be spent on other local government services as redevelopment agencies dissolve, according to a legislative analysis of the bill.
Pérez's measure now goes to the Senate.
* Corrected at 5:10 p.m. to show that five Republicans voted yes, not four. The fifth was Kevin Jeffries of Lake Elsinore.