After the dissolution of redevelopment, cities were left with no ongoing source of local funding for affordable housing. If your housing successor is fortunate enough to have properties or a modest fund balance, it may be possible to leverage those resources to develop affordable housing in your community.
RSG recently helped the City of Pinole issue an RFP seeking proposals to develop affordable housing on former redevelopment agency land combined with housing successor funds. The City is in the process of negotiating developer agreements with the selected developer, who will take advantage of gap financing from multiple sources to create a quality affordable housing project in the City. RSG identified an opportunity to utilize available land after preparing the City’s housing successor annual reports.
If you’d like assistance creating a strategy to maximize your agency’s properties or housing successor funds, contact RSG Senior Associate Suzy Kim at [email protected].