SACRAMENTO – AB 1259 was passed on the Assembly floor today, September 12th.
AB 1259 authorizes the City of Merced to establish an Enhanced Infrastructure Financing District (EIFD). An EIFD is an economic development tool used by cities to support public infrastructure and economic development projects of community-wide significance. Approval of AB 1259 paves the way for the City of Merced to establish an EIFD to advance the city’s affordable housing goals, in alignment with the State’s priorities like transit oriented development and rail projects and make infrastructure improvements to support a growing UC Merced campus.
“I am pleased to see this important bill pass the Legislature and now head to Governor Newsom’s desk for approval,” said Assemblywoman Soria. “Residents of the City of Merced will benefit from much-needed investments in public infrastructure and development of affordable housing.”
The bill’s sponsor, the City of Merced, also shared support.
“The City of Merced is grateful for the support Assemblywoman Soria has provided through the legislative process,” shared Frank Quintero, Deputy City Manager for the City of Merced. “Merced’s future is bright with the passage of this bill. We look forward to the projects that will move forward with the help of AB 1259, especially in housing opportunities.”
AB 1259 now moves to the Governor’s desk for signature.