How can redevelopment help provide affordable housing?
State law requires redevelopment agencies spend at least 20 percent of the tax increment on affordable housing for low- to moderate-income families. A redevelopment agency could use that money to provide housing, subsidize rents, pay for repairs and help eligible residents become homeowners. As a result of Redevelopment, the City has produced several affordable housing projects such as Sky Forest Acres, a 17-unit complex on Emerald Bay Drive providing quality (and beautiful) affordable housing for disabled persons. The City has produced other multi-family projects or rehabilitated projects such as Sierra Gardens. A list of Affordable Housing Projects is available by clicking this link. The City’s redevelopment funds have also established a Moderate Income Homebuyer program helping local families obtain homeownership, which would not have occurred without redevelopment. The City’s redevelopment funds contribute to the First Time Homebuyer Program and Home Ownership Education and Counsel
