Housing Successor Agency
MEETING DATE: 3/23/2016
TITLE:
Title
Exclusive Right to Negotiate with Riverside Housing Development Corporation on Nineteen Housing Successor Agency Owned Parcels Located throughout the City
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FROM:
Tami E. Scott, Administrative Services Director
RECOMMENDATION:
Recommendation
Staff recommends the City Council authorize an Exclusive Right to Negotiate between the City of Cathedral City, in its capacity as the Housing Successor Agency, and Riverside Housing Development Corporation for nineteen 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:
Staff has been in discussion with Riverside Housing Development Corporation (RHDC), the non-profit affordable housing developer located in Riverside, California that successfully administered our rehabilitation programs beginning in FY 2007-08 through the demise of redevelopment, about possible ...
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