Get your questions answered HERE. (The FAQ will be updated as new information becomes available.)
CSDA is working with the California Statewide Communities Development Authority (CA Communities), which is the joint powers authority that will be administering the loan securitization program.
Any special district that is being affected by the suspension of Prop 1A can join CA Communities and participate in the sale of their Prop 1A receivables.
The proceeds of the sale of those Prop 1A receivables will be redistributed to all the participating local entities, to the amount each entity put in. If the market is favorable and CA Communities is able to sell all the Prop 1A receivables from participating local entities, then those participating local entities would receive 100 percent of their lost property tax dollars.
Sign up to receive additional information at www.cacommunities.org.
CSDA will be working with CA Communities to review and finalize the legal documents for the loan securitization program. In addition, CSDA is working with the Department of Finance on possible clean-up language to AB x4 15, the bill that includes the language for the loan securitization mechanism and repayment process. CSDA will keep members informed as these discussions develop.