Sustainable Economic Development and Housing Trust Fund: long-range asset management plan.

Existing law dissolved redevelopment agencies and community development agencies, as of February 1, 2012, and provides for the designation of successor agencies, as defined. Existing law imposes various requirements on successor agencies and subjects successor agency actions to the review of oversight boards. Existing law requires successor agencies to wind down the affairs of the dissolved redevelopment agencies and to, among other things, dispose of assets and properties of the former redevelopment agencies, as directed by the oversight board. Proceeds from the sale of assets are transferred to the county auditor-controller for distribution as property tax proceeds to taxing entities, as prescribed. This bill would establish a Sustainable Economic Development and Housing Trust Fund, to be administered by a Sustainable Communities Investment Authority (authority) , to serve as a repository of the unencumbered balances and assets of the former redevelopment agency. The bill would authorize moneys from the fund to be expended for specified purposes relating to economic development and affordable housing. The bill would require an authority to prepare a long-range asset management plan that governs the disposition and ongoing use of the fund. The bill would require an authority to submit the plan to the Department of Finance by December 1, 2012, and would require the department to approve or return the plan for revision to the authority prior to final approval by December 31, 2012.