If all goes as planned, twenty percent of the nearly $5 million tax increment budget in Yuba City, California is going to flow into real estate ventures, particularly in the purchase of foreclosed homes. This proposal of council members Kash Gill and Leslie McBride received strong backing from all the other members upon being presented to the City Council meeting last Tuesday. After a brief discussion, the proposal was forwarded to the city administration.
Under the said proposition, local government will invest in distressed homes within the city’s redevelopment site between the Feather River, Highway 99, Bird Avenue and Garden Highway. The whole area spans 912 acres. Leases would be coursed through the Consolidated Area Housing Authority of Sutter County. Council members hope that the scheme would help the real estate market by finally doing away with foreclosed homes and increasing low-income housing.
McBride couldn’t be reached for comment. But according to Gill, the timing of the proposal is perfect since it’s presently a buyer’s market for homes in Sutter County where hundreds of homes have already been foreclosed. The figures themselves would reflect a critical housing problem in the region.
According to MDA Data Quick, Sutter County, where Yuba City is located, has already seen 291 foreclosures from July to September. Realtors have also commented that the number of homes still up for sale is accumulating in Yuba, while not enough of these houses are being sold. This has led to increasing numbers of repossessed homes. The whole state of California has in fact been one of the states most affected by the housing problem.
If McBride and Gill’s proposition is approved, deed restrictions for housing would be implemented and people in the low to moderate-income brackets would be prioritized. Local government hopes that this would help lessen instances of foreclosure in the city.
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