August 21, 2012
The CLTA has sent a letter to the California Department of Finance seeking clarification of issues surrounding the dissolution of redevelopment agencies in California. The CLTA was successful in getting some issues resolved in follow up legislation to the original budget bill that eliminated redevelopment agencies. Title company customers, including successors to redevelopment agencies, are looking to title companies to close escrows and issue policies on real estate formerly owned by the redevelopment agencies. The questions concern the list of housing assets which must be provided to the Department by each successor agency, determining the finality of oversight board action, and the time period for review by the Department of Finance.