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OCII discusses SB 593 replacement-housing authority and heavy public calls to prioritize COP holders
Summary
Staff briefed the commission on SB 593, which would allow OCII to use a portion of tax-increment financing to fund 5,842 replacement units; commissioners and COP holders urged near-term preservation purchases and policy changes to ensure displaced certificate-of-preference holders can return.
OCII staff provided an informational update on Senate Bill 593 (the Replacement Housing Act) and commissioners heard extensive public testimony urging that the new funding be used to prioritize people displaced by redevelopment.
Elizabeth Colomello, OCII housing program manager, told the commission that SB 593 would allow OCII to use a portion of tax increment financing after existing enforceable obligations and tax pledges to schools and other entities are satisfied to finance replacement housing for 5,842 units destroyed and never replaced by the former redevelopment agency. She said staff currently estimate a first availability of funds in late 2025 to 2026 and expect several issuances over approximately 30 years; staff noted the program will rely on leveraging traditional sources such as tax-exempt bonds and low-income housing…
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