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Books Closed On Housing Fund

POSTED October 9, 2012 10:22 p.m.

The Oakdale Oversight Board to the Successor Agency to the Redevelopment Agency approved an auditor’s report that proposes sending the remaining $123,000 to Stanislaus County from the former redevelopment agency’s low and moderate income housing fund.

The recommendation is now open for public comment before it moves to the city council for approval. The agency board meets Thursday, Oct. 11 at 8 a.m. at the city council chambers to adopt the report and close comments.

According to Oakdale Finance Director Albert Avila, the remaining funds would go to the county to be distributed to other taxing agencies that receive property tax funds. The remaining amount cannot go directly to city coffers.

“The city will get about eight percent of this,” said Avila.

The Oakdale Successor Agency to the Redevelopment Agency was formed when the state legislature ultimately eliminated more than 400 California redevelopment agencies (RDAs) in February, 2012.

As required by legislation, the Oakdale City Council now operates as the successor agency to take over the duties and obligations of the former RDA. Each successor agency is also required to have an oversight board which approves projects and finances. Seven members of the community sit on the board.

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