§ 33624 Redevelopment Fund Repayment Rules

• •If the agency sells or rents property bought with money from a special fund, any extra money made must go back into that same fund.
• •The agency must first use the money to pay back any loans and interest before putting the rest back into the fund.
• •This rule helps keep the fund full for future projects.

The agency sells an old building it bought with money from the redevelopment fund for $500,000.

If the agency only owed $300,000 in loans and interest for that building, the extra $200,000 must go back into the fund for other projects.