January 17, 2013 – (RealEstateRama) — Earlier this week, Raul Bocanegra (R-Pacoima) introduced a measure that will save CBIA’s members millions of dollars and ensure projects critical to the state’s housing and economic recovery move forward.
Sponsored by CBIA, AB 116 will provide an automatic 24-month extension to existing and unexpired tentative tract and parcel maps and build upon the previous extension granted by AB 208 (Fuentes) from 2011. We applaud the Assemblymember’s leadership on this critical housing issue and look forward to supporting his efforts to ensure the successful passage of this vital legislation.
3,000 approved tentative tract and parcel maps representing over 400,000 housing units currently exist. This measure will help ensure these important housing projects stay alive and builders and developers do not lose significant economic investments they’ve made to-date by forcing the project proponent to begin the costly entitlement process anew. Additionally, and most importantly, these projects represent thousands of construction related jobs and billions of dollars in economic output that go straight into local and state coffers.
CBIA would also like to extend our sincere thanks to the many co-authors of this critical measure: Assembly Members Torres (D – Pomona), Achadjian (R – San Luis Obispo), Atkins (D – San Diego), Bonilla (D – Concord), Eggman (D – Stockton), Frazier (D – Oakley), Hagman (R – Chino Hills), Hueso (D – San Diego), Maienschein (R – Poway), Olsen (R – Modesto) and Renden (D – Lakewood). This legislation has also garnered the support of Senators Correa (D – Santa Ana), Lieu (D – Torrance) and Padilla (D – Pacoima).
Today’s bill introduction is the first in a series of legislative and regulatory measures CBIA will work on in 2013 to ensure the building industry is able to create the kinds of good-paying jobs necessary to bring the state back.
mmacnee (at) cbia (dot) org