Click to Home
Go To Search
San Jose Home
Housing Assets
Housing Assets

When the City Council took action on January 24, 2011 to accept the responsibility for managing the housing assets of the former redevelopment agency, it also took action to transfer these assets formally to the City.  Attached is the list of assets transferred.

Section 34176 (a) (2) of the Health and Safety Code, which was added by AB 1484 in June of 2012, also required that the City provide a listing of all assets transferred to the California Department of Finance (DOF) by August 1, 2012.  This listing was required to be submitted on a form provided by DOF and was to include all assets transferred between February 1, 2012 and August 1, 2012.  DOF had 30 days to review the submittal and raise objections.  If DOF objected to an asset transfer, the City had an opportunity to request a meet and confer.

The City submitted its asset listing to DOF on August 1st.  The DOF responded on August 30th, questioning three items:

1. A loan that was made to Eden Housing for the Ford and Monterey Special Needs Development, which was under construction at the time of DOF's response.
2. Several Community Development Block Grants for housing rehabilitation that were inadvertently included on the asset listing, and for which there is no connection to the former redevelopment agency.
3. The SERAF loan that the Housing Department made to the redevelopment agency to meet the Year 1 payment to the State, in the amount of $52 million plus costs.

The City completed its meet and confer process with the DOF.  In addition, the City confirmed its ownership of several housing parcels with the Oversight Board on January 10th, 2013. These parcels are also present on the original housing asset list submitted to DOF on August 1st, 2012. The City again sought Oversight Board approval in order to enhance private funders’ certainty when closing financing on these parcels. Attached are the Memo and Resolution from the January 10th, 2013 action.