Gov. Arnold Schwarzenegger signed legislation July 15 extending the expiration for subdivision maps, giving developers a chance to wait for the housing slump to pick up before embarking on major projects.

The struggling residential market, the governor’s office reported, is making it tough for builders to secure financing.

In an effort to save developers from having to re-start a lengthy approval process once they access capital, the bill gives developers an automatic 12-month extension before their approved subdivisions expire and gives local governing bodies the option to approve an additional year-long extension.

Jerry Bunin, government affairs director for the Home Builders Association of the Central Coast, said although he couldn’t quantify how many area builders will be impacted by the bill, the association has been “very interested in and hopeful” that the bill, called Santa Barbara 1185, would pass.

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