AB 1259 allows the City of Merced to expand investments in affordable housing
SACRAMENTO – The Assembly Local Government Committee has approved Assemblywoman Esmeralda Soria’s AB 1259.
AB 1259 authorizes the City of Merced to establish an Enhanced Infrastructure Financing District (EFID) to fund projects that advance the City’s affordable housing goals and are in alignment with the State’s priorities such as transit-oriented development, rail projects, and support for the expansion of the UC Merced campus.
“We must prioritize infrastructure investments in Merced, especially for our disadvantaged communities,” said Assemblywoman Soria, “so that they have access to affordable housing and accessible transportation options.”
EIFDs allow a city or county to finance public capital facilities or other specified projects of communitywide significance that provide significant benefits to the district or the surrounding community with an estimated useful life of 15 years or more. Without this bill, the City of Merced is unable to establish an EFID due to past issues with the dissolution of its former Redevelopment Agency that are now resolved.
Frank Quintero, Deputy City Manager for the City of Merced, joined Assemblywoman Soria to testify in support of AB 1259: “This bill provides a foundation for the city to expand affordable housing investments, take advantage of high speed rail opportunities, all of which will allow for significant infrastructure improvements. ”
For questions about this bill, or to express opposition or support, please Contact Assemblywoman Soria.