Section 33492.88 Of Article 5. March Joint Powers Redevelopment Agency From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4.5. >> Article 5.
33492.88
. Notwithstanding any other provision of law, as part of an
agreement that provides for the development, rehabilitation, or
improvement of buildings, structures, or facilities within the
project area, the redevelopment agency may use any available funds,
including moneys received pursuant to Section 33670, to provide
credit enhancements, including, but not limited to, the ability to
buy down interest rates, that are necessary for the project. Prior to
entering into an agreement for a development that would be assisted
pursuant to this section, the agency shall find, after a public
hearing, that the assistance is necessary for the economic
feasibility of the development and that the assistance cannot be
obtained on economically feasible terms in the private sector.