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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 ?.R CITY,4 - MRNEY'S OFFEE 3900 MAN 5]R' RNEHSmE, CA 92522 (951) 326 -5567 RESOLUTION NO. 2 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE CITY OF RIVERSIDE AS SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE APPROVING THE TRANSFER OF HOUSING RESPONSIBILITIES TO THE HOUSING AUTHORITY OF THE CITY OF RIVERSIDE, WHEREAS, on January 10, 2012, the City Council adopted Resolution No 22322 re- affirming the authorization of the City of Riverside to become Successor Agency to the Redevelopment Agency of the City of Riverside ( "Successor Agency ") pursuant to AB IX 26 (The Redevelopment Agency Dissolution Act); and WHEREAS, on January 10, 2012, the City Council adopted Resolution No. 22323, electing not to retain the responsibility to perform housing functions previously performed by the Redevelopment Agency of the City of Riverside ( "Agency "), and designating the Housing Authority of the City of Riverside as the entity to retain the responsibility to perform housing functions previously performed by the Agency pursuant to AB 1X 26; and WHEREAS, on January 10, 2012, the Housing Authority of the City of Riverside ( "Housing Authority ") adopted Resolution No. 7, accepting the responsibility to perform housing functions previously performed by the Agency; and WHEREAS, pursuant to Health & Safety Code Section 34181(c) of AB 1X 26 the Oversight Board is to direct the transfer of housing responsibilities, including all rights, powers, duties, obligations and assets, to the Housing Authority; and WHEREAS, the housing assets include, property, rental payments, bond proceeds, notes receivables, and other revenue; and WHEREAS, the transfer of housing responsibilities, including housing assets, will enable the Housing Authority to complete rehabilitation of several foreclosed properties and to fund affordable housing activities; and WHEREAS, the Oversight Board has considered and recommends that certain housing assets be transferred to the Housing Authority, and other assets previously conveyed to the Housing Authority be confirmed as Housing Authority.