Modifies housing and residential development in urban renewal areas to increase assistance for low and moderate income families.

This bill modifies public improvements related to housing and residential development in urban renewal areas. It increases the minimum amount of assistance for low and moderate income family housing to 20 percent of the original project cost, up from 10 percent. The bill also extends the division of revenue for such projects to 20 fiscal years, up from 10 years. It takes effect upon enactment and applies to projects approved after the bill's effective date.

Modifies housing and residential development in urban renewal areas to increase assistance for low and moderate income families.

This bill modifies public improvements related to housing and residential development in urban renewal areas. It increases the minimum amount of assistance for low and moderate income family housing to 20 percent of the original project cost, up from 10 percent. The bill also extends the division of revenue for such projects to 20 fiscal years, up from 10 years. It takes effect upon enactment and applies to projects approved after the bill's effective date.