Sacramento Report
March 20, 2012
Department of Real Estate Changes Reorganization in Governor's Budget
SB 1151 (Steinberg) would require the successor agency to an RDA to prepare a long-range asset management plan outlining how to maximize the long-term value of the real property and assets of the former RDA to support ongoing economic development and housing functions. The plan would be submitted to the Department of Finance and the oversight board for approval.
SB 1156 (Steinberg) would permit joint powers authorities as a financing option for cities and counties to use for economic development and affordable housing. The bill new authority would assume the responsibility for managing the assets and property of the former redevelopment agency. Funds would be raised from a $75 recording fee to offset the 20% set-aside lost when redevelopment agencies were dissolved.
SB 1342 (Emmerson), would increase the highest fee that may be charged from $3 to $10 upon approval by a county Board of Supervisors for purposes of continuing funding for the county Real Estate Fraud Prosecution Trust Fund. The bill also expands the documents on which the fee may be assessed.
