Portantino’s Effort to Free Glendale’s $27 million in Bonds to Fund Affordable Housing Passes the California State Senate

Sacramento, California – Today, SB 532 authored by Senator Anthony J. Portantino (D–La Cañada Flintridge) passed the California State Senate. Senator Portantino introduced SB 532 at the request from the City of Glendale.  After the dissolution of Redevelopment Agencies (RDAs), Glendale was left with $27 million dollars in bond proceeds but precluded from using these funds for housing.  SB 532 will give Glendale the ability to use these bond funds exclusively for affordable housing.    

“Glendale is a special city that has long sought to use Redevelopment tools to preserve its historic landmarks 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 am very grateful to the city for asking me to carry this proposal and to use my position to help them,” commented Senator Portantino.

SB 532 will repurpose stalled redevelopment bonds for affordable housing and authorize a successor agency to use remaining bond funds for the purposes of preserving affordable housing within the district.  Senator Portantino strongly opposed the dissolution of Redevelopment for its impact on affordable housing efforts such as Glendale’s. 

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