Wednesday, March 26, 2008

Prop 1C Not Meant to be for SoCal/ Pete Peterson

Since the 2006 passage of Prop 1C the battle of the dispersal of the $2.85B bond issue has pitted Northern California against Southern California, with NorCal coming out on top...so far. The first round of the bond money - about $286MM - was paid out last year with over half of it going to Northern California and the inland counties. If bond monies were allocated on a per capita basis, Southern California would receive over 60% of the total.

Local and state legislators from Southern California, from LA Mayor, Antonio Villaraigosa to Assembly Speaker-Elect, Karen Bass, have decried the spending plans, which seem to favor projects supported by Senate President Pro Tem, Don Perata, who represents Oakland.

In his defense, most of the actual spending formulas have not been set by the Legislature, but by the Department of Housing and Community Development, which has allowed that while per capita funding is a priority, it is not the only one. Another important consideration is that affordable housing plans be "transit-oriented", and Northern California has developed more of those opportunities.

Link: http://www.latimes.com/business/la-me-housingbond24mar24,1,2829726.story

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