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.
