Pasadena : Bailout Settlement Reached
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Local housing advocates who opposed a plan to use housing funds to rescue the city’s ailing fire and police retirement system have reached a settlement with the city that will eventually provide $20.5 million to build low- and middle-income housing.
The Board of Directors agreed to the settlement Monday after the NAACP, the Fair Housing Council of San Gabriel Valley and Pasadena Neighborhood Housing Services had complained about a proposed rescue plan for the retirement system, which needs another $125 million to cover the expected payout in benefits over the next 80 years.
The settlement will provide $10.5 million for low- and middle-income housing, to be paid in annual installments over the next 27 years and an additional $10 million from sources not yet identified.
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