Housing Successor Agency
MEETING DATE: 11/9/2016
TITLE:
Title
Extension to Exclusive Right to Negotiate with Riverside Housing Development Corporation on Housing Successor Agency Owned Parcels.
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FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council, acting as the Housing Successor Agency, authorize the City Manager to execute a 6-month extension of the Exclusive Right to Negotiate with the Riverside Housing Development Corporation for twelve affordable housing in-fill parcels.
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BACKGROUND:
The City, in its capacity as the Housing Successor to the former Cathedral City Redevelopment Agency, currently owns 92 parcels, one of which is developed with a vacant duplex and 8 that are under disposition and development agreements. Of the parcels not under contract, 40 are large enough to provide development opportunity for other than a single-family in-fill. Several of these, however, are raw desert lacking infrastructure and affordable development of these parcels is unlikely in the foreseeable future unless another sustainable source of funding for affordable housing is identified.
Even though redevelopment agencies have been disbanded as a result of State legislature, redevelopment affordable housing obligations continue to exist and, in fact, more stringent requirements have been adopted. This presents a significant challenge to cities in that on-going redevelopment associated affordable housing funding is no longer available. As such, the City finds that its primary source of assistance in the development of affordable housing is its real property assets.
DISCUSSION:
On March 23, 2016, the City Council authorized execution of an Exclusive Right to Negotiate (ERN) with Riverside Housing Development Corporation (RHDC) relative to nineteen housing parcels. RHDC is a non-profit affordable housing developer located in Riverside, California that successfully administered our...
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