After disbanding redevelopment agencies (RDAs) statewide, California passed legislation requiring their successor agencies to hold due diligence reviews of leftover funds in public session, and on Oct. 4, the oversight board for the successor agency to the Atascadero RDA will do just that, detailing assets in their Low and Moderate Income Housing Fund.
The board hired Santa Maria-based accounting firm Moss, Levy, and Hartzheim to perform the audit, and according to their report, the fund has $5.8 million in assets. Of those, roughly $1.6 million are non-liquid and $320,000 has already been allocated to programs. That leaves a balance of almost $3.9 million just waiting to be spent on housing for families with low to moderate incomes.
After performing the public review, the city has five days to approve the results. That should happen at the Oct. 9 council meeting, and from there, the results will be sent to the California Department of Finance, which has until Nov. 9 to deny or approve the audit. Only then can the money be put to use.