Article 8. Property Management of California Health And Safety Code >> Division 24. >> Part 1. >> Chapter 4. >> Article 8.

Within the survey area or for purposes of redevelopment an agency may:
  (a) Insure or provide for the insurance of any real or personal property of the agency against risks or hazards.
  (b) Rent, maintain, manage, operate, repair, and clear such real property.
The agency may in any year during which it owns property in a redevelopment project that is tax exempt pay directly to any city, county, city and county, district, including, but not limited to, a school district, or other public corporation for whose benefit a tax would have been levied upon the property had it not been exempt, an amount of money in lieu of taxes that may not exceed the amount of money the public entity would have received if the property had not been tax exempt.
Except as provided in Article 9 (commencing with Section 33410), this part does not authorize an agency to own or operate rental property acquired and rehabilitated in prospect of resale beyond a reasonable period necessary to effect such resale.