Section 33334.16 Of Article 4. Preparation And Adoption Of Redevelopment Plans By The Agency From California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 4.
33334.16
. For each interest in real property acquired using moneys
from the Low and Moderate Income Housing Fund, the agency shall,
within five years from the date it first acquires the property
interest for the development of housing affordable to persons and
families of low and moderate income, initiate activities consistent
with the development of the property for that purpose. These
activities may include, but are not limited to, zoning changes or
agreements entered into for the development and disposition of the
property. If these activities have not been initiated within this
period, the legislative body may, by resolution, extend the period
during which the agency may retain the property for one additional
period not to exceed five years. The resolution of extension shall
affirm the intention of the legislative body that the property be
used for the development of housing affordable to persons and
families of low and moderate income. In the event that physical
development of the property for this purpose has not begun by the end
of the extended period, or if the agency does not comply with this
requirement, the property shall be sold and the moneys from the sale,
less reimbursement to the agency for the cost of the sale, shall be
deposited in the agency's Low and Moderate Income Housing Fund.