JOINT MEETING OF THE FRESNO REVITALIZATION CORPORATION AND CITY OF FRESNO IN ITS CAPACITY AS HOUSING SUCCESSOR TO THE REDEVELOPMENT AGENCY
June 25, 2020
SUBJECT
Title
Receive Annual Report and Approve FY 20-21 Program Income Budget for the City of Fresno in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno.
Body
RECOMMENDATION:
Staff recommends that the City acting in its capacity as Housing Successor to the Redevelopment Agency of the City of Fresno (FHS) and the Fresno Revitalization Corporation (FRC) approve the attached FY20-21 FHS Budget to appropriate program income.
BACKGROUND:
On January 26, 2012, in accordance with Health & Safety Code Section 34176, the City Council elected to assume, as of February 1, 2012, the housing assets, duties, functions and obligations of the former Redevelopment Agency of the City of Fresno (former Agency) and delegated all of those duties and responsibilities to the Fresno Revitalization Corporation.
Pursuant to Section 34176 HSC, added by AB x1 26 and amended by AB 1484, the State Department of Finance (DOF) issued a decision letter on August 31, 2012 and the Superior Court of California, County of Sacramento, issued a Ruling on February 11, 2014 confirming that the FHS owns all affordable housing assets of the former Agency as listed in a housing asset transfer schedule prepared by the FHS and submitted to the DOF on August 1, 2012. All housing assets are now held and administered by the FHS in the Low to Moderate Income Housing Asset Fund (LMIHAF) pursuant to the Dissolution Law, in particular Sections 34176 and 34176.1, as amended by Senate Bill 341, effective on January 1, 2014 and Senate Bill 107 approved and filed September 22, 2015.
As discussed in detail below, changes in the law resulted in new rules applicable to the: expenditure of unencumbered moneys in the LMIHAF; time limit for development of property acquired by the former agency for the development of affor...
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