City Hands Over Housing Redevelopment Funds to State

As the dissolution of redevelopment agencies go into effect, nearly $800,000 of funds used for low to moderate income housing will be transferred to state agencies.

As the assets from Glendora’s former Redevelopment Agency are handed to the state, city officials released a report on the nearly $800,000 of assets redistributed from its low and moderate income housing fund

The report by Lance Soll & Lunghard, LLP shows that the city will remit $781,851 to the various state taxing agencies for redistribution.

The low and moderate income fund was administered under the former redevelopment agency, of which 20 percent of tax increment went to programs for low to moderate income housing programs.

When redevelopment agencies were dissolved earlier this year to help bridge the state’s multi-billion dollar deficit, redevelopment funds provided rental subsidies for 80 Glendora residents, as well as loans for low-income homeowners - many of them elderly who struggle with the caretaking of their homes.

A second report on the remittance of non-housing redevelopment items will be issued at a later date.

The successor agency of the former redevelopment agency will meet Thursday, Oct. 12 at 9:30 a.m. in the council chambers to discuss the report on the transfer of funds. Public comment on the transfer will also be taken.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »