Property Tax Rebates and Redevelopment Bonds Take Shape Under Two District Bills Authored by Senator Portantino
Sacramento, California – Responding to a request from the City of Glendale, Senator Anthony J. Portantino (D–La Cañada Flintridge) has introduced SB 521 & SB 532. If passed and signed, both bills will help the city with affordable housing pressures. SB 532 is of particular importance to Senator Portantino as he voted against the dissolution of Redevelopment agencies while he was in the Assembly. His independent vote caused him to be punished for sticking up for Glendale’s laudable Redevelopment work.
“Glendale is a special city that has long sought to use Redevelopment tools to preserve the Alex Theatre and to build affordable housing. It was a shame that these tools were taken away and left Glendale and other cities unable to use certain bonds for laudable purposes. I hope to aide those cities that were ‘good actors’ in the past and give them flexibility today. I am very grateful to the city for asking me to help offset some of the burdens of Section 8 renters,” commented Portantino.
SB 521 seeks to provide a property tax rebate or reduction to multifamily property owners who, during the full year, rent a unit of theirs to an applicant at rents below market rate. It allows a credit for taxpayers rent to tenants receiving assistance under Section 8.
SB 532 would repurpose stalled redevelopment bonds for affordable housing. The bill would authorize a successor agency to use remaining bond funds for the purposes of preserving affordable housing within the district.
“Our community benefits from having such a responsive representative in Sacramento. We are very thankful to Senator Portantino for introducing SB 532 and SB 521. Both bills will help solve important issues for our community -- helping renters and giving the city financial flexibility with bonds that are left over from redevelopment,” said Mayor Zareh Sinanyan, City of Glendale.