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At� 8. B. - Page 19 <br /> PROS AND CONS FOR THE CITY TO BE THE <br /> SUCCESSOR AGENCY AND THE HOUSING SUCCESSOR AGENCY <br /> Successor Agency <br /> Pros Cons <br /> Enables City to control wind down of the RDA Requires City to deal with Oversight Board <br /> and dispose of assets <br /> Minimum $250,000 for administrative costs for Potential loss of administrative revenues <br /> windin down the RDA <br /> Will have a more direct influence in the <br /> determination of whether property that is <br /> documented to serve a"public purpose" is <br /> retained by City since non-housing properties <br /> once owned by the RDA may be sold, with <br /> proceeds iven to the taxin entities. <br /> Housing Successor Agency <br /> Pros Cons <br /> Maintains active role in the ongoing effort to No new funds available to use for affordable <br /> provide and maintain affordable housing. housing, so no other City efforts beyond <br /> current CDBG and HOME programs. <br /> Is best suited in terms of community interest, City will not receive funding to pay for <br /> to administer affordable housing programs administrative costs associated with <br /> within its jurisdiction performing the housing functions. <br /> Continues to monitor the existing affordable Bradford and Heller have some contamination. <br /> housing covenants. <br /> (City is already required to monitor all but one <br /> of the housing projects that have <br /> CDBG/HOME funds.) <br /> Retains control over the properties (Bradford & Properties must be developed within 5 years. <br /> Heller) for affordable housing. If the affordable housing properties are sold, <br /> the profit, if any goes to the county for <br /> distribution. <br /> May retain $10 million as an enforceable Must have programs to use available funds. <br /> obligation for affordable housing <br />