Governor Signs SB 780 (Cortese) CALED’s Bill Improving Economic Development Financing Tools

28 Sep 2021


News

On September 28, 2021, Governor Newsom signed SB 780 (Cortese) into law. CALED sponsored this bill based on input from economic development practitioners on how to improve California’s economic development financing tools. Dee Dee Myers, Senior Advisor and Director of the Governor’s Office of Business and Economic Development stated, “California’s local agencies have long used tax increment financing tools, and this bill provides needed clarifications to improve their utilization. Tools like Enhanced Infrastructure Finance Districts (EIFDs) and Community Revitalization Investment Authorities (CRIAs) are often used to help spur the development of affordable housing and community public infrastructure projects. The Governor’s Office of Business and Economic Development (GO-Biz) is especially proud to work with the California Association of Local Economic Development (CALED) who led the effort on SB 780 so that our local agencies can invest in their communities using these revitalized tools.”

Since the elimination of redevelopment agencies in 2011, the Legislature enacted several tax increment financing tools to support infrastructure, economic development and affordable housing in local communities. Improvements to two of these tools, EIFD and CRIA, were needed to facilitate their use for infrastructure, economic development, revitalization, and affordable housing objectives. We are grateful to Senator Cortese for authoring this thoughtful, practitioner-informed legislation that streamlines EIFDs and CRIAs.

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