HomeMy WebLinkAboutMINUTES - 11011988 - 1.56 1_- ®56
TO: Redevelopment Agency
FROM: Phil Batchelor, n,��,
Executive Director ('`Contra
C
DATE: October 24, 1988 WIa
SUBJECT: AB 4566 (Polanco) ' "'
SPECIFIC REQUEST(S) OR RECOMMENDATIONS AND BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Accept report from the Redevelopment Director on the enactment of AB
4566 (Polanco) regarding expenditure of the low and moderate income
housing funds by Redevelopment Agencies.
FISCAL IMPACT
None
REASONS FOR RECOMMENDATIONS/BACKGROUND
All Redevelopment Agencies in California are required by
Redevelopment Law to annually set aside 200 of their tax increment
revenues into a separate low and moderate income housing fund,
unless the Agency makes certain findings decreasing or deferring
their required set-aside. No limits existed in Community
Redevelopment Law on when money in the low and moderate income
housing fund would have to be expended or on the amount of an
encumbered balance that could accumulate in an Agency' s fund.. AB
4566 enacts limits on the unencumbered balance in an Agency' s low
and moderate income housing fund and requires the expenditure or
encumbrance of any excess surplus in an Agency' s fund within five
years from the date the monies become excess surplus
(quote-unquote) . The bill defines excess surplus as an unexpended
and unencumberd amounts that exceed the greater of $500,000 of the
aggregate amount deposited into the low and moderate income housing
fund during the Agency' s preceding 5 fiscal years. The intent of
AB 4566 is to encourage Redevelopment Agencies to implement low and
moderate income housing programs and activities with these funds.
CONTINUED ON ATTACHMENT: ✓ YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDAT OF AG Y COMM EE
APPROVE OTHER
SIGNATURE(S) : 11/1/88
ACTION OF AGENCY ON APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
X UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS IS A
AYES: NOES: TRUE AND CORRECT COPY OF AN ACTION
ABSENT: ABSTAIN: TAKEN AND ENTERED ON THE MINUTES
OF THE REDEVELOPMENT AGENCY ON THE
DATE SHOWN.
cc: Community Development ATTESTED November. 1, 1988
Redevelopment Agency PHIL BATCHELOR,
Housing Authority AGENCY SECRETARY
BY 0 ,DEPUTY
The Board of Supervisors at its last workshop meeting with the
Housing Authority Advisory Commission requested Redevelopment
Agency staff to meet with the staff ' s of the Redevelopment Agencies
throughout the County and ascertain the status of housing activi-
ties of those agencies. A meeting with the agencies has occurred
and a report is in preparation and would be available for discus-
sion at the next scheduled workshop meeting of the Board and the
Housing Authority Advisory Commission, which is scheduled for
November 28, 1988.