One of the fundamental goals of redevelopment in California is the production, improvement, and preservation of the supply of housing affordable to very low-, low-, and moderate-income households. This goal is accomplished, in part, through the execution of three different, but interrelated requirements imposed on redevelopment agencies by the California Community Redevelopment Law (CCRL).
An agency must use at least 20 percent of its tax increment revenue to increase, improve, and preserve the supply of low-and moderate-income housing in the community (CCRL Section 33334.2);
An agency must replace, in equal or greater number, very low-, low-, and moderate-income housing units and bedrooms which are destroyed or removed as a result of a redevelopment project (the “replacement rule,” CCRL Section 33413 (a)); and
An agency must ensure that a fixed percentage of all new or substantially rehabilitated dwelling units are affordable to very low-, low-, and moderate-income persons and families (the “inclusionary rule,” CCRL Section 33413(b)(1)).
Over the last years... The Soledad Redevelopment Agency (the “Agency”) has assisted numerous households through a number of Agency housing programs.
While it is the Agency’s goal to keep households in their home, there are circumstances where a short sale may be necessary to avoid foreclosure. This may only occur when there has been a reduction in household income or unanticipated expenses, creating a documented financial hardship.