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Maligned Redevelopment Agencies Asked To Solve Foreclosure Crisis

Posted by: Nate Berg
Thanks to: Paul Shigley
6 April 2008 - 11:00am

California's redevelopment agencies are feeling pressure on numerous fronts these days. Some may go out of business next year. Still, state lawmakers are considering giving the agencies authority to buy out subprime mortgages.

California has more subprime mortgages than any other state, and redevelopment agencies are already in the business of financing housing, so the marriage may be a natural one. Plus, the subprime mess is hitting low-income neighborhoods where redevelopment agencies already operate.

While redevelopment agencies' move into "solving" the subprime loan and foreclosure situation might help struggling homeowners, it could also bolster the agencies themselves, which are trying to defend their budgets from a potential state raid.

Full Story: Redevelopment Agencies May Step Into Subprime Mortgage Mess
Source: California Planning & Development Report, March 31, 2008
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In the long term, removing major urban freeways should be part of a more comprehensive approach to reduce automobile dependency by promoting public transportation and transit-oriented development.
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